FY 2023-24 (AY 2024-25) New Income tax return e-filing, exemptions, deductions, e-payment, refund

Change in the new income tax portal:

1. Login can be done by user ID or Net banking.
2. User ID can be PAN or Aadhaar for individuals and other than individuals.

FY 2023-24 (AY 2024-25) Income tax return (ITR) e-filing last date:

The last date of ITR filing for FY 2023-24 (AY 2024-25) will be announced later, but usually the last date remains 31st July.

Major Contents in the Post: (Jump to the Section)

1. How to e-file Offline ITR and Online ITR in FY 2023-24 (AY 2024-25)?
2. Which ITR to file for different categories like Individual, 2-house etc in FY 2023-24 (AY 2024-25)?
3. How to e-verify ITR after filling form in FY 2023-24 (AY 2024-25)?
4. What is ‘Form 16’ for filling ITR in FY 2023-24 (AY 2024-25)?
5. How to do e-payment of challan 280 in ITR in FY 2023-24 (AY 2024-25)?
6. How to claim refund and refund status in FY 2023-24 (AY 2024-25)?
7. Income tax help line and social contacts like twitter, facebook etc. for FY 2023-24 (AY 2024-25)
8. Income tax act 1961, law and ITAT policy.

Income tax return e-filing (ITR e-filing): How to e-file ITR in FY 2023-24 (AY 2024-25)?

For e-filing Income tax, there are 2 options: Online (Recommended) and Offline (using HTML utility). Without the help of CA or experts, you can do ITR efiling at home or office by yourself. Just to boost your confidence up, even if something goes wrong, you can revise your ITR filing any number of times, so no worry.

Which ITR form to fill for individual, HUF, for 2 houses, company etc. in FY 2023-24 (AY 2024-25)?

First question before filing of income tax return comes that which ITR form I have to fill. Every person’s assets and liabilities are different, so based on the description below, you have to select ITR form and properly fill it. Also, which ITR form can be filled online or offline way, is also mentioned here.

1. Offline ITR e-filing: download the ‘offline utility’ or ‘pre-filled data’ and upload it:

1. Go to incometax.gov.in
2. Login through your PAN, Aadhaar, Net banking and others.
3. The dashboard will come reflecting your profile, total outstanding demand, tab ‘file now’ for filing ITR, ‘pending action’ tab and grievance tab.
4. Now, under tab e-file ➟ select Income tax return (ITR) ➟ File Income tax return (ITR).
5. Select Assessment year.
6. Select mode of filing – Offline (using HTML utility) ➟ Select ITR type
7. Here, you have to download either utility or pre-filled data.
8. Fill your tax details, savings details, if any in the utility.
9. Now, upload after attaching this final filled ITR file in the below ‘upload’ tab. The maximum size of offline filled ITR is 100 KB.
10. Proceed to verification of ITR. E-verify your ITR using Aadhaar OTP, Net banking, Pre-validated bank account or Pre-validated demat account.

2. Online ITR e-filing – by directly filling the data in the form and submit:

1. Go to incometax.gov.in
2. Login to incometax.gov.in using user ID, which may be –
   1. PAN for Individuals (Salaried employee, Senior citizen, Self-employed, NRI) and for Other Than Individuals (Company, Trust, AOP, AJP, BOI, Firm, Local Authority)
   2. Aadhaar Number for Individuals (Salaried employee, Senior citizen, Self-employed, NRI)
   3. Other User ID may be
      • ARCA (Authorised Representative Chartered Accountant) followed by 6 digit number
      • TAN (Tax Deductor & Collector)
      • ERIP (ERI) followed by 6 digit number
      • TINP (TIN 2.0 Stakeholders) followed by 6 digit number
      • EXTP (External Agency) followed by 6 digit number
      • ITDREIN (Income Tax Department Reporting Entity Identification Number) user ID will be-PAN/TAN of reporting entity followed by 2 alphabets and 3 digits
3. Login to incometax.gov.in using net banking –
   1. Choose your bank, login to your bank
   2. Locate the Income tax e-filing tab at the bank website, which differs from bank to bank
   3. From here, “Login to Income Tax e-filing” link at the bank website
   4. You will be redirected straight to the income tax e-filing website from here
4. If you forgot password, the do ‘Reset Password’ by Aadhaar OTP feature’.
5. After login, the dashboard will come reflecting your profile, total outstanding demand, tab ‘file now’ for filing ITR, ‘pending action’ tab and grievance tab.
6. Now, under tab e-file ➟ select Income tax return (ITR) ➟ File Income tax return (ITR).
7. Select Assessment year.
8. Select mode of filing ➟ Online
9. Click on Resume filing (if you have already filled ITR partly) or Start new filing for filing new or afresh.
10. Select the status ➟ Click on Individual, HUF or Other.
11. Choose the ITR form, which has already been filtered for you (options only related to you)
12. After ITR selection, only 3 major steps have to be followed:
    1. Validate your Returns breakup (Pre-filled) and modify if needed.
    2. Confirm your Return Summary
    3. Verify & Submit your Return
13. Now, at the start of ITR filing, one question is being asked that, ‘Are you filing the income tax return for any of the following reasons?’ For majority, the answer will be – ‘Taxable income is more than basic exemption limit‘.
14. The validation of pre-filled return starts. In this list, first is ‘Personal information‘ –
    1. Under ‘Verify your personal information‘, you need to verify your Name, PAN, Aadhaar, DoB, Address, Mobile number, email ID.
    2. Select ‘Nature of Employment‘ like Central govt. state govt., PSU, Pensioner etc.
    3. Select ‘Filing Section‘ like filed u/s 139(1) (if Return filed on or before due date)
    4. Select for ‘Are you opting for new tax regime u/s 115BAC ?’ YES if wants to fill new tax slab and NO if wants to remain in the existing tax slab.
    5. Enter ‘Bank details‘, which needs to pre-validated and one bank nominated for refund.
15. Next in validation is ‘Gross Total Income‘ –
    1. Under ‘Verify your income source details‘, enter salary, perquisites, select Nature of Exempt Allowance, if any.
    2. ‘Home loan interest rebate’ for house in case of borrowed loan from bank or financial institutions will be filled here, if any. ‘Rent on house earned’ amount will also be filled here, if any.
    3. ‘Income from other sources’ – Add amount if you have earned income from savings interest, dividend income, income from bond etc.
16. Next in validation is ‘Total Deductions‘ – Fill all the deduction amount claimed under different sections like 80C, 80D, 80E etc.
17. Next in validation is ‘Tax Paid‘, which is to be cross-verified from ‘Form 26AS’.
18. Last in validation is ‘Total Tax Liability‘, which is the net tax calculated. It may be zero or positive or negative. Means you have to pay the pending tax here or you may get the refund in case of excess tax paid.
19. After validation. you need to confirm your return summary.
20. And finally, verify and submit to the income tax for further action.
21. After submitting the ITR, ‘successfully e-verified’ will be the status and processing of ITR will take place in some days.

How to Verify income tax return, how to e-verify income tax return in FY 2023-24 (AY 2024-25)?

1. There are 2 options: e-verify OR through ‘sending signed ITR-V by normal or speed post’.
2. In e-verify, you can do by Aadhaar OTP, if mobile is updated in Aadhaar OR by generated EVC through online bank or bank ATM OR by Net banking. EVC is valid only for 72 hours from generation time.
3. If you don’t want to e-verify, then you have to send signed ITR-V through normal or speed post to ‘centralised processing center, Income tax department, Bengaluru – 560500’. It should be sent within 120 days from the date of e-filing the return.

What is Form 16 for income tax return filing?:

Form 16 is the base document to file your income tax return. Form 16 is the yearly summary of an employer’s income details, exemptions details, deduction details under chapter VI-A, Net taxable income, tax payable amount, tax deducted at source and net tax payable or refund, if any. In nutshell, Form 16 is yearly balance sheet of earnings, allowances, investments, exemptions, tax deduction and refund.

Form 16 is an important document, which is required in case of loan borrowing from bank or in purchasing of term insurance. They usually ask for 2 or 3 years form 16.

A sample of Form 16 has been attached below, in which you can see the details of employee, employer, PAN, TAN, Financial Year, Assessment Year, salary details, deduction and tax payable or refund.

e-payment via challan no. 280 to Income tax department :

If you have to pay tax, then e-payment option will be there to make online payment to income tax via challan. Challan no. 280 is used for Payment of Advance tax, Self-Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed income to unit holders.

1. Click on e-payment.
2. Select ‘CHALLAN NO. / ITNS 280’ and Proceed.
3. New page will open – Tax applicable – 0021, (Income tax – Other than Companies), Type of Payment – 300 (self-assessment tax)
4. Select mode of payment: Net banking or Debit card.
5. Fill PAN number, Assessment year, Address.
6. Fill details of payment – Amount and press ‘Calculate Total Amount’ and Continue.
7. You have to just follow and receipt will be generated. On this receipt, challan serial no., BSR code, date of receipt etc. will be there.
8. Now, go back to tax page of your income tax form. Under heading ‘Taxes Paid’ – Add the Details of advance tax and self assessment tax payments.
9. You have to fill challan serial no., BSR code, date of receipt and amount. After this, it will be reflected in total tax amount paid equaling to total tax amount calculated.
10. Now you can submit and verify through any option preferably Aadhaar OTP option.

Refund from Income tax department:

How much time it takes to get refund in the account?

Normally, it takes 15 days to 60 days to get refund in the account. If there is any error related to bank details or communication address, then there might be delay and in that case you have to request for re-issue the refund after correcting the bank details or communication address.

How will income tax department send my refund?

Refund will be sent by 2 modes: RTGS / NECS and cheques. If you have not mentioned your complete bank account number, MICR/IFSC code of bank branch or have an error, then the paper cheque will be issued to your communication address. Most importantly, refund amount may come with interest.

Check Refund status from Income tax department:

At https://tin.tin.nsdl.com/oltas/refundstatuslogin.html, refund status can be checked by filling the PAN, selecting assessment year and writing captcha code. Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker. Even on

For Income tax calculator in Excel of FY 23-24: Click Here

For Income tax rate slab of FY 23-24: Click Here

Income Tax India Social contacts to follow, feedback, query or complain:

• Income tax twitter handle : @IncomeTaxIndia
• Income tax facebook : @IncomeTaxIndiaOfficial
• Income tax Instagram : @IncomeTaxIndia.Official
• Income Tax Youtube : Income Tax India

Income tax ‘Help Desk Contact Details’ or ‘customer care numbers’ or ‘Helpline numbers’:

Purpose	Helpdesk	Link	Helpdesk Number	Working Hours
​​Income tax / PAN / TAN, General Queries of Income Tax	Aayakar Sampark Kendra (ASK)		1961 / 18001801961	08:00 hrs – 22:00 hrs (Mon to Sat)
Rectification, Refund, Intimation and other Income Tax Processing Related Queries	Centralized Processing Center		18001034455 / 8046605200	08:00 hrs – 20:00 hrs (Mon to Fri)
e-Filing of Income Tax Return or Forms and other services provided through e-Filing Portal	e-Filing	http://incometax.gov.in/	18001030025 / 8046122000 / 8026500026	09:00 hrs – 20:00 hrs (Mon to Sat)
Form 16, Tax Credit (Form 26AS) and other queries related to TDS statement, Form 15CA processing	TDS Reconciliation Analysis and Correction Enabling System (TRACES)	www.tdscpc.gov.in,contactus@tdscpc.gov.in	18001030344 / 0120-4814600	10:00 hrs – 18:00 Hrs (Mon to Sat)
Queries related to PAN & TAN application for Issuance / Update through NSDL	Tax Information Network – NSDL	www.tin-nsdl.com	0120-27218080	07:00 Hrs – 23:00 Hrs (All Days)
Tax Return Preparer Scheme (TRP Scheme)		www.trpscheme.com, helpdesk@trpscheme.com	18001023738	9 am to 6 pm (Mon to Sat)

Income tax law and Rules: Income tax India Act 1961

The Direct Taxes Administration Enquiry Committee, under the chairmanship of Mahavir Tyagi, submitted its report on 30 November 1959 and its recommendations took shape in the Income-tax Act, 1961. The act, which became effective on 1 April 1962, is the pillar of Income tax in India.

Income tax India Act 1961 pdf for download:

Finance bill 2020 by Finance minister in parliament:

Almost every year, several amendments are done in Income tax India Act 1961 as per requirement. This becomes part of Income tax India Act 1961 after giving nod by President of India.

Income tax department structure:

The Central Board of Direct Taxes (CBDT) is a statutory authority and the apex body of the Department, charged with the administration of income taxes. It has come into effect from 01.01.1964. CBDT is part of Department of Revenue in the Ministry of FinanceThe Central Board of Direct Taxes (CBDT) consists of a Chairman and following six Members, pointed from Indian Revenue Service.

1. Chairman
2. Member (Income Tax & Revenue)
3. Member (Legislation)
4. Member (Admn.)
5. Member (investigation)
6. Member (TPS & system)
7. Member (Audit & Judicial)

Income tax Department enforcement law powers:

1. Fines and Penalty – For wrong or hiding information.
2. Assessment – For correct estimation of total taxable income of taxpayer.
3. Search and Seizure – To check records and valuables to ensure that no evasion of tax is there.
4. Surveys – For physical verification of records and valuables by income tax officers.
5. Prosecution – When someone intentionally evade tax.

Income Tax Appellate Tribunal (ITAT):

Under Ministry of Law and Justice, Income Tax Appellate Tribunal (ITAT) is a quasi judicial (equivalent to lower court) institution set up in January, 1941 and specializes in dealing with appeals under the Direct Taxes Acts and laws. The orders passed by the ITAT are final, an appeal lies to the High Court only if a substantial question of law arises for determination.

Its motto is ‘Nishpaksh Sulabh Satvar Nyay’, which means impartial, easy and speedy justice to aggrieved taxpayers. ITAT has introduced e-filing in which all the communication related to their appeals, like filing of appeal, fixation for hearing, adjournments, pronouncements and disposals will be sent to the appellant’s / respondent’s Mobile as well as E-Mail Id.

Income Tax Appellate Tribunal,
3rd & 4th Floor, Pratishtha Bhawan, Maharshi Karve Marg, Mumbai-400020, Ph: 022-22033848,  Email: itcell.ho@itat.nic.in

Disclaimer: Kindly go through the official website of income tax and others in case of clarity.