Filing Income Tax Returns (ITR) Using the New Tax Filing Portal: A Comprehensive Guide

As a tax professional, staying updated with the latest tax regulations and filing processes is crucial. In this article, we will guide you through the steps of filing your Income Tax Return (ITR) using the new tax filing portal. This guide is designed to simplify the process for both individuals and businesses, ensuring a seamless and accurate submission of your tax returns.

Understanding the Difference Between ITR and GST Registration

First, it's important to clarify the difference between filing an ITR and getting GST registered. While both are related to tax compliance, they serve different purposes. GST registration is mandatory for businesses with a turnover exceeding a certain threshold, while ITR is compulsory for any salaried individual or individual taxpayer who earns over the exemption limit per assessment year.

How to File an ITR Using the New Tax Filing Portal

For those who are salaried or receive income from various sources, filing an ITR is a critical task. Here’s a step-by-step guide to help you through the process:

Filing ITR Offline Using a JSON-Based Utility

Download the utility: Access the income tax portal and download the ‘Common Offline Utility ITR 1 to ITR 4’. Install the utility file: Install the downloaded utility file on your device. Initiate the process: Select ‘download pre-fill data’, mention your PAN, select the assessment year (AY 2021-22), and provide your login credentials. Select the taxpayer type: Choose individual as the taxpayer type and select ITR-1, then proceed further. Explore resources: The utility provides various FAQs and materials, then select ‘let’s get started’. Select the reason for filing: Choose a reason from the available options and proceed. Fill the ITR-1 form: Fill in the required tabs, confirm your entries, and proceed. Preview the return: Preview the return, verify the details, and select ‘proceed to validation’. Resolve errors: Address any errors shown in the utility. Proceed to verification: Complete this step again after making necessary corrections. Upload your return: Provide your login credentials, select ‘upload return’. Verify the return: You can e-verify your tax return immediately or at a later date. Follow up: If you choose ‘e-verify later’, submit your tax return and complete verification within 120 days.

Filing ITR Online on the Income Tax Portal

Login to the portal: Log in to the income tax portal. Select the 'file now' option: Post login, select the ‘file now’ option on the welcome screen. Follow the steps: Follow the steps similar to the ones mentioned for offline filing.

Addressing Common Issues While Filing Your Spouse’s Tax Return

Often, you might face issues while filing your spouse’s tax return. Here are some tips to help you resolve common errors:

Consult your banker: Seek assistance from your banker to verify if your spouse’s PAN is linked to her bank account. Contact the income tax helpdesk: If the issue persists, reach out to the income tax helpdesk for further guidance.

Conclusion

Filing your ITR is an essential task, but it can be complex. Utilizing the new tax filing portal through offline and online platforms can make the process more manageable. With this guide, you should be well-equipped to file your ITR accurately and efficiently. Remember to seek professional advice from services like Legal251 if you encounter difficulties.