As the ultimate date to record earnings tax go back (ITR) on Sept 15 looms closer, taxpayers can report their tax returns using ITR-1 or ITR-four. Substantially, excel utilities of different income tax forms have yet no longer been released such as the ones for ITR-2 and ITR-three.
On the way to report their earnings tax return via any of the paperwork launched up to now, taxpayers can go to e-submitting portal and follow the due manner as indexed beneath.
Filing income tax return. A step-by way of-step manual
I. As you log in for your account and click put up return, you want to first pick out the assessment 12 months i.e., 2025-26 for submitting the go back of FY 2024-25.
II. Then the device will ask you to choose the category of taxpayer i.e., character or HUF.
III. Within the next step, you may need to pick the tax shape that you want to select based totally on the category of supply of income. For salaried employees, it's far ITR-1 and for humans with business and profession, it is ITR-4. It's far really worth citing that you will should look forward to some more days in case your profits bracket aligns with another tax shape i.e., ITR-2 or ITR-3.
IV. As soon as click on this, the gadget will inform that the brand new tax regime is the default regime. Therefore, it's far advisable to examine the tax computation on tax calculator earlier than proceeding. You may read this article to realize more about this.
In case your tax liability is lower within the antique tax regime then you definately are recommended to opt for it. And in case your tax liability is better in vintage tax regime, then you can manifestly opt for the new tax regime.
The gadget additionally cautions taxpayers via telling them that the listing of good sized exemptions and deductions which are not to be had under the new tax regime are HRA, LTA, deductions underneath section 80C, 80D, 80U, 80E, 80G, 80TTA, 80TTB and other bankruptcy via deductions.
V. Think you're a salaried employee and overall income as much as ₹50 lakh; you want to select ITR-1 to record your tax go back.
Now, you want to validate your returns breakup, confirm your return precis and subsequently, you could affirm your return and publish the return.
VI. In case your tax liability is extra than the tax already paid, you can pay tax thru any of the 31 banks to be had at e-pay tax provider.
Earnings tax department lately up to date the listing. Now the trendy listing of banks includes Axis financial institution, Bandhan financial institution, bank of Baroda, financial institution of india, financial institution of Maharashtra, Canara financial institution, important bank of india and metropolis Union of financial institution, amongst others.
Two new banks introduced to the list in 2025 are Tamilnad Mercantile bank (w.e.f. march 5) and sure financial institution (June 27).
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