How to file ITR ( Income Tax Return) on Tax2win for FY 2023-24?

How to File ITR with Tax2Win?

Tax2win offers two types of ITR filings:-

DIY (Self-filing)

DIY (Self-filing)- If you have a little bit of knowledge about taxes, entering some basic details will let you file the ITR within 4 minutes. Tax2win DIY platform is AI-integrated, hence it will auto-select the right ITR form for you itself and thus makes filing super-easy for you. The user interface is friendly and easy. Hands-on today to file ITR for FY 2023-24 and e-verify on time.

If you are wondering how to file an ITR with Tax2win, here are some simple steps you need to follow -

Step 1: Either sign in to the tax2win website using your existing credentials or sign up to the portal and create an account. You can do self-filing only in the case of income from salary, business, and capital gains.

Step 2: After logging in, a table consisting of all the possible sources of income opens. You need to select the income sources that you have. Based on your sources of income, Tax2win’s DIY ITR filing system selects the applicable ITR form automatically.

Step 3. You need to upload Form 16. In case you don’t have Form 16, you can simply skip the option and proceed further.

Step 4. Select the F.Y. and enter the PAN Details and DOB. (If you don’t have a registered account with the Income Tax Department, you will receive an OTP and a new account will be created.). You can also choose if you want our DIY software to fetch your personal details and get data pre-filled.

Step 5: Enter a few basic details in the next step. Some of it is pre-filled from the Income Tax Department’s database. Remember to cross-check the information available. As shown in the image given below, you have to enter your personal details like name, email ID, date of birth, father’s name, gender, etc.

Step 6: In the next step, you have to provide your address details and employer category. You can refer to the image below to understand this better.

Step 7: In the next step, you have to fill in your employment details. The standard deduction is applied automatically in the case of salaried employees. As shown in the image below, you have to enter your gross salary/CTC, exempted allowances like HRA, LTA, gratuity, net salary, and standard deduction and professional tax under section 16. Note that if you have uploaded Form 16, your employment data will be pre-filled in the ITR Form. All you have to do is verify the information and proceed to file ITR.

Step 8: If you have capital gains income, you need to select ‘Income from capital gains (shares, Mutual Funds, Property, etc) while selecting the source of income. Navigate to the ‘Capital Gain Income’ tab from the top of the page and upload the P&L statement.

Here’s an example of how to upload the Groww P&L statement -

• Click on ‘Groww.’
  
  
• From the pop-up window, click on browse files and upload the P&L statement.
  
  

  Note: If your brokerage or fund house is not supported, you can upload your details using the Tax2win Template.

  Here’s how to download the Tax2win template -

• Click on the Tax2win Template.
  
  
• Click the 'Download Tax2win Template' button in the first step to download the template.
• Fill in your capital gain investment details as instructed in the template. Then, upload the completed template by clicking the 'Browse Files' button. Tax2win will read your transactions and calculate your capital gains details within minutes.
  
  

Step 9: Enter the details of the investment made during the year to calculate the applicable deductions. You have to enter details of investments in PPF, LIC, PF, housing loan, FDR, NSC, tuition fees, premiums paid to the annuity, and other 80C deductions. Also, you can claim deductions like 80D, 80CCD (1B), 80G, etc.

Step 10: In this step, you are required to enter your bank details. Enter your IFSC code, name of the bank, account number, and Aadhaar details. As per government law, it is mandatory to show all the bank details. You can select one account as the primary account. Remember, you will get a tax refund in your primary bank account.

Step 11: In this step, you have to upload Form 26AS, and your TDS details will be auto-populated. If you don’t have Form 26AS, you can skip it and fill in the details manually before filing your ITR. If you have paid the tax, select yes on Advance Tax and self-assessment tax paid, enter the challan details, and click on Continue.

Step 12: Select the return filing type. If your income is less than Rs.2.5 lakhs and electricity expenses during the year are more than 1 lakh, OR incurred the Foreign Travelling expenses of more than Rs. 2 lakh., select yes on the option ‘Are you filing return under the seventh proviso to section 139(1). Also, select the number of days for which you have stayed in India in the relevant FY. The system will automatically determine your residential status.

Step 13: Based on the information given by you in the previous sections, the software automatically computes your tax liability using both the old and the new regime. You can compare both regimes and select the one that is more beneficial for you.

Step 14: Remember to cross-check all the information in return, click on the checkbox, and click on “File my return.” And here, you are done with filing. Don’t forget to e-verify the ITR at the same time. Remember to e-verify your return within 30 days.

Step 15: In this step, you have to authorize Tax2win as your e-filer using the Aadhaar OTP verification process. You have to enter the OTP received on your registered mobile number and a success message will be displayed.

Step 16: In this step, your ITR has been filed successfully. Now all you need to do is e-verify your ITR by clicking on ‘Proceed for e-verification’. Upon e-verification, you will receive your ITR-V through email from the Income Tax Department.

Step 17: Select the mode of e-verification by selecting Aadhaar, Demat, or Bank a/c and you will receive the message of successful e-verification.

File ITR Now

The second way through which you can file ITR on Tax2win is:-

Expert-Assisted ITR Filing

Step 1. Step 1. Click on Hire eCA Now.

Step 2. First, register on Tax2win’s website and then click on ‘Hire your personal eCA Now”.

Step 3. Choose from where your income is and click on next.

Step 4. Select how many employers you have and click on next.

Step 5. Select if you have business or professional income and click on next.

Step 6. Select if you own a house or not and click on next.

Step 7. Select if you have any income from capital gain or not and click on next.

Step 8. Click on ‘hire now’ and get an eCA for your help at just Rs.499.

Book Your eCA Now

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What are the Documents Required to File ITR?

Here are the documents that you need to submit in order to file your ITR -

• PAN Card: It is mandatory to furnish a PAN number while filing your ITR. Make sure your name and date of birth should be the same as present in the data of the Income Tax Department.
• Aadhaar Card: As per the government regulations, it is mandatory for taxpayers to use Aadhaar details while filing the ITR. Form 16 is required if you have earned income under the head salaries. You also need to submit an AIS/TIS, capital gain/loss statement, and home loan interest certificate.
• Bank Account Statements: You are required to submit your bank account statements to make sure that you do not miss out on reporting any income in the ITR. It helps track incomes like interest from banks, etc.
• Bank Account Details: Your bank account details, like your bank account code, bank account number, and bank name, are also needed while filing ITR.
• Challan Details: If you are filing a revised return or filing the ITR as a reply to any notice received, then you need to furnish the details of the original return or the details of the notice.

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What is the Due Date for Filing ITR?

The due date for filing ITR is 31st July of the relevant assessment year. For example, if the Financial year for which the return is being filed is 2023-24, then the due date for filing the ITR will be 31st July 2024 of the Assessment Year (2024-25).

If you want to avoid penalties, and legal complications, claim timely refunds, maintain proper records, comply with tax laws, and facilitate financial transactions.

However, if you fall under the limits of Tax Audit, the last date for filing ITR is 31st October, and if Transfer pricing is also applicable, then the due date is 30th November after the end of the financial year.

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Who is required to get a tax audit done?

• People whose sales/turnover from business exceeds Rs. 1 crores.
• Any person whose gross receipts exceed Rs.50 lakhs
• Any person who carries out business as per section 44AD and his/her sales turnover is more than Rs. 2 crores or declares income lower than the deemed income under the applicable section.

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What is the Penalty for not Filing an ITR?

If you have taxable income and still don’t file an ITR, you might have to face trouble with the income tax authorities. Here are the consequences you might have to face -

• Fee for Late Filing u/s 234F - A penalty can be levied if you fail to file your ITR by the due date. The amount of fee levied varies depending on the income and the date of filing the return, the maximum amount being Rs.5000.
• Notice u/s 142(1) - This notice requires you to file the return if not filed by the due date. Any non-compliance with this notice may result in -
  • Best judgment assessment under section 144
  • Penalty of Rs.10,000 u/s 271(1)(b)
  • Imprisonment with or without fine under section 276D.
• Notice u/s 148 for furnishing the return within the period as given in the notice.
• If any income is under-reported u/s 270A -
• Due to misreporting/wrong disclosure, the penalty is leviable @200% of tax liability. In other cases, a penalty has to be paid at 50% of the tax payable.
• A minimum 100% and maximum 300% penalty can be levied on the amount of tax concealed.
• Interest u/s 234A keeps increasing @1% per month or its part till the date of filing the return.
• You also have to pay interest u/s 234B and 234C at 1% per month.
• If there are losses you want to carry forward, you cannot do it if you fail to file your ITR by the due date.

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Why is Tax2win Your Go-to ITR Filing Solution?

• Free: The DIY ITR filing solution is free for assessees with an annual income of less than 2.5 lakhs.
• AI-Integrated Platform: Our ITR Filing system is driven by AI and helps simplify the tax filing process by automating various processes.
• Auto-computed Information: Your personal data is imported from Income Tax India’s database and pre-filled by our DIY software. The tax liability and deductions are also computed automatically.
• Automatic ITR Form Selection: The DIY software automatically chooses the appropriate ITR Form for you based on the nature of your income and investments.
• Easy-to-Use Platform: Tax2win’s user-friendly platform simplifies the complex world of taxes by helping you navigate through the portal like a breeze.
• Tax Planning Optimizer: Our tax planning optimizer tool is an effective way to save your taxes. You can enter your income and investment details, get recommendations from the tool, and maximize your take-home pay.
• Income Tax Calculator: Our income tax calculator is an easy-to-use tool that calculates your tax liability before filing your ITR, considering all the potential deductions and exemptions.
• Expert Support: We have a dedicated team of experts who are always there to answer all your questions and solve all your queries.
• Maximizing tax savings: In addition to simplifying ITR filing, we also ensure that you save as much as possible with our CA-assisted ITR filing service and our tax planning optimizer tool.

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