A clear step by step guide to income tax return filing in India under new law helps salaried individuals, small businesses, and professionals avoid last minute errors and penalties. This post walks through a practical step by step guide to income tax return filing in India under new law using the online utilities and forms available on the Income Tax portal.
Who should use this step by step guide to income tax return filing in India under new law
This step by step guide to income tax return filing in India under new law is meant for:
- Salaried individuals with or without other income.
- Small business owners and professionals who file simple returns.
- Residents and certain NRIs who use the standard e filing utilities.
Taxpayers with very complex structures, international transactions, or transfer pricing issues should seek professional advice in addition to this guide.
Related: Income tax rules for NRIs under new income tax law in India (link: /blog/income-tax-rules-for-nris-under-new-income-tax-law-in-india)
Pre filing checklist in the step by step guide to income tax return filing in India under new law
Before starting the online form, follow this pre filing stage of the step by step guide to income tax return filing in India under new law:
1. Confirm residential status and the applicable tax regime.
2. Collect Form 16, Form 16A, and other TDS certificates.
3. Download Form 26AS and AIS from the portal and cross check entries.
4. Gather bank statements, interest certificates, and investment proofs.
5. Note details of capital gains, especially on shares and mutual funds.
Having these documents ready ensures that the step by step guide to income tax return filing in India under new law can be completed in one sitting.
Using the online utility in the step by step guide to income tax return filing in India under new law
Most taxpayers now use the official online utility or offline JSON utility. The step by step guide to income tax return filing in India under new law using the online utility is:
1. Log in to the Income Tax e filing portal with PAN and password.
2. Select the correct assessment year and ITR form based on your income.
3. Choose the online filing mode.
4. Pre fill basic details using data available on the portal.
5. Carefully verify personal details, bank account, and contact information.
External reference hint:
- Income Tax e filing portal: https://www.incometax.gov.in
Related: Checklist for choosing correct ITR form (link: /blog/checklist-for-choosing-correct-itr-form-under-new-law)
Filling income details in the step by step guide to income tax return filing in India under new law
When you reach the income and deduction schedules, follow this part of the step by step guide to income tax return filing in India under new law:
1. Salary income: Import or enter data from Form 16, including perquisites and allowances.
2. House property: Capture rental income, municipal taxes, and interest on housing loan.
3. Capital gains: Enter details of sale consideration, cost, and period of holding.
4. Other sources: Include bank interest, dividends, and other income.
5. Deductions: Enter eligible deductions under the applicable sections of the new Income tax Act.
The utility usually calculates total income and tax automatically, but you should manually review the summary before proceeding.
Verification and submission step in the step by step guide to income tax return filing in India under new law
The final stage of the step by step guide to income tax return filing in India under new law focuses on verification and submission:
1. Review the tax computation, including surcharge and cess.
2. Check that TDS, TCS, and advance tax credits are correctly captured.
3. If additional tax is payable, pay the challan using net banking or authorised banks and enter the challan details.
4. If a refund is due, confirm correct bank account details.
5. Submit the return and complete e verification within the allowed time using Aadhaar OTP, net banking, or other options.
Once e verification is completed, the return is treated as filed. Keep an electronic copy of the filed return and acknowledgement for your records.
Related: Post filing checklist for income tax returns (link: /blog/post-filing-checklist-for-income-tax-returns-under-new-law)
Common mistakes to avoid in the step by step guide to income tax return filing in India under new law
Even with a detailed step by step guide to income tax return filing in India under new law, taxpayers commonly make these mistakes:
- Ignoring AIS mismatches for interest or securities transactions.
- Selecting the wrong ITR form or assessment year.
- Forgetting to report small interest income from savings or deposits.
- Missing e verification after submitting the return.
Reviewing these points at the end ensures that you fully use this step by step guide to income tax return filing in India under new law and reduce chances of notices or processing delays.
