E-filing of Income-tax returns is the process of filing Income-tax online. As per the latest announcement by the income tax department, income tax returns can be filed through the online method only. However, the super senior citizens filing ITR using Form 1 or Form 4 are allowed to use the offline or paper mode.

E-filing of Income-tax returns can be done easily and quickly in the comfort of your home or office in just 4 minutes with Tax2win. Or you can simply visit the Income Tax e-filing portal. You can learn both processes here.

Every Individual, including an NRI, must file an Income tax return where Gross Total Income exceeds the basic exemption limit. This basic exemption limit is 2.5 lakh for the individual filing income tax return till FY 2022-23(AY 2023-24) for both tax regimes.

As per the announcement in Budget 2023, the basic exemption limit for individuals opting for the old tax regime will remain 2.5 lakhs, while for the ones opting for the new tax regime, it will be 3 lakhs. Similarly, the basic exemption limit is Rs. 3,00,000 in the case of the senior citizen and Rs. 5,00,000 in the case of the super senior citizen if filing under the old regime.

You must file a return irrespective of whether you have paid tax or not. So, even if the employer has deducted TDS in full, you must file an income tax return online. Filing of return is mandatory in the following cases, even if the gross total income does not exceed the basic exemption limit:

• Deposited an amount or aggregate of the amount over Rs.1 crore in one or more current accounts maintained with a bank or a cooperative bank.
• Incurred an aggregate expenditure of over Rs.2 lakh for yourself or any other person traveling to a foreign country.
• Incurred aggregate expenditure over Rs.1 lakh towards payment of electricity bill.
• The sales turnover of a business exceeds Rs 60 lakh during the year.
• Total professional gross receipts exceeds Rs 10 lakh during the financial year.
• Total TDS or TCS exceeds Rs 25,000 during the financial year. This limit is Rs. 50000 for senior citizens.
• The amount deposited in one or more savings account is Rs 50 lakh or more during the financial year.

You can file a belated return three months before the end of the Assessment Year, i.e., for FY 2022-23 (AY 2023-24), it will be 31st December 2023. A belated return can only be filed with the payment of late fees u/s 234F subject to certain conditions.

Following are the consequences if you do not file your Income Tax Return on or before the due date. Some of them are:

• You can not carry forward the losses to the future assessment years.
• Lose Interest on refunds.
• Pay Interest under section 234A @ 1% per month or part thereof for late filing of return on the outstanding tax liability.
• Late filing fee u/s 234F up to Rs. 5000, depending upon taxable income will be levied.
• You may receive the Notice from the Income Tax Department.

Income Tax online filing is a simple process and can be done by sitting at home for free with Tax2win.

• Step 1: Visit the Tax2Win website. Here, click on the option “File ITR Now”.
• Step 2: Select your source of Income and click on continue.
• Step 3: If you're a salaried individual, just upload your Form 16. If you do not have any form 16, you can skip the option and move further.
• Step 4: Enter the Financial Year, PAN & Aadhaar number, and other basic details like your Employment Details, Deductions(If Any), and bank details. After giving the details of all the required information.
• Step 5: Review your tax computation and click the “File My ITR” button.

You can also take the advice of our expert CAs to do tax filing for you. Tax2win eCA focuses on filing accurate returns, availing maximum deductions, and getting maximum tax refunds.
Also, the Income Tax e-filing portal lets you easily file the return online.

The procedure to e-file return with form-16 is as follows:

• Step 1: Choose "File It Yourself" and click on the “File ITR Now” option at tax2win.in and upload your Form 16.
• Step 2: After uploading form 16, Tax2win software will auto-fill the Form 16 data.
• Step 3: Verify your tax computation now and edit if required.
• Step 4: Click the "FILE MY RETURN" button, and you are done!

Yes, you can e-file your Income Tax Return even if you do not have form 16. Salary slips also contain the details of the deductions, which can be used in case form 16 is not available. FORM 26AS and AIS/TIS are mandatory documents to file Income Tax Return.

Once you are done with e-filing of income tax return, you must:-

• Check your inbox for the provided email id. You will receive an intimation for successfully filing your Income Tax Return and ITR-V (Acknowledgement) attached to the email.
• With a new notification, revised ITR cannot be filed if your original ITR is not verified.
• Cross Check all figures thoroughly in your filled ITR form or ITR-V for errors, mistakes, etc.
• Verify the income tax return within 30 days of filing, as Income Tax Return is processed only when ITR is verified. If you fail to verify the return, it will not be considered as filed and will not be processed by the Department & you will lose out on income tax refund (if any), etc. Also, you will have to file a new return from the beginning. Read more here.
• If you have a refund in your tax return, you shall receive the same in your bank account within the next few days. It is better to keep tracking your refund status so that you do not miss out on any important updates from the department. You can keep checking the refund status from here.

Note: Verifying ITR is an important step without which your filed Income Tax return will not be processed by the Income Tax Department. The time limit for verification of Filed Income Tax Return is 30 days. Previously this time limit was 120 days. This new rule is applicable for returns filed on or after 1st August 2022. If you have not verified your tax return, it shall be considered “Invalid,” i.e., null and void. It means that no Income Tax Return has been filed at all.