First-time filers will have to create an account by registering on the website. An ITR filing on the new IT site won’t be possible without doing this step.
The Income Tax Department has launched the new Income Tax Return (ITR) portal for filing of income tax returns in the web-based environment, which will be used by all taxpayers, including individuals, entities and HUF’s, for filing of returns.
The unique ID/PIN required for registration is to be obtained through the Income Tax e-filing Service (IETS). “Thus, any taxpayer who has not filed an ITR till date will have to register/create an account using his/her unique ID/PIN,” an official statement said.
Those who have already registered on IETS can also use this facility to log in and submit their returns.
Individuals must have a PAN, a cellphone number, and an email address in order to register. Individuals will have to fill out the “contact details” part of the new website, which went live on Monday, in order to sign up. Individuals must earn a minimum of Rs 5 lakh in taxable income each year to be eligible for this plan.
Here’s a step-by-step tutorial for first-timers who want to sign up for the new tax site.
- Visit the new income tax website
- On the site, click ‘Register’ in the upper right corner.
- Choose ‘Taxpayer’ as a category.
- After that, you’ll have to provide your PAN information for verification. The portal will provide you with an error if you attempt to use a PAN that is already registered but not active.
- After validating your PAN, confirm your enrollment as an ‘Individual taxpayer’ and select ‘Continue.’
- Name, date of birth, residency status, and gender are all required fields to fill out. Upon completion of the essential fields, click ‘Continue’ to move on.
- Enter your contact information, such as your primary cell phone number and email address, in the fields provided.
What is the use of filling ITR then?
ITR filing is a way to get your money back. It is a matter of fact that we all pay tax and if we want to claim the same, we should file our tax returns correctly and on time.
By filing ITR, one can also get other benefits like home loans and capital gains. While applying for loans or credit cards or any other financial services, you need to submit ITR with income proof.
Filing ITRs are very essential if you want to buy your dream home or car on loan. Also, most of the banks demand ITRs as one of the documents while processing visa applications.
By filing ITRs, one can also build up his/her capital. By investing in mutual funds, real estate or stocks, if you become eligible for long term capital gain benefit, you can save your taxes up to Rs. 1 Crore annually without paying any tax on gains above this threshold.
What is form 16?
Form 16 is used to deduct tax on salary/wages received. Form 16A is used to deduct tax on other income, including rentals, interest, dividends, royalty etc. Generally, if you are not a salaried individual, you will have to complete both forms every year.
What is Form26AS?
Form 26AS is issued by the Central Board of Direct Taxes (CBDT) each year to give information about various deductions claimed on income tax returns. The statement shows TDS deducted at source and sent to the government treasury by the employer/agent for deduction of tax on income paid to you.
I hope you found this post informative. That’s all!