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A new form is released to fill the revised ITRs. Individuals can file their ITR offline and online easily with www.incometaxindia.gov.in

filing ITR

What is new to ITR filing for FY 2021-22(AY 2022-23)?

This year, according to the Income Tax Department, a new ITR form has been introduced to fill the revised income tax returns (ITRs). The ITR forms for the FY 2021–22 (AY 2022–23) were declared by the Central Board of Direct Taxes (CBDT) in March.

The Income Tax department also introduced a website to help and made it easier to file ITR-1, ITR-2, and ITR 4 forms. As per Sections 234A and 234F taxpayers who file their returns after the due date (July 31, 2022) are subject to penalties up to Rs 5,000 and interest. On the official website, they have mentioned about few things that an individual needs to know about the new ITR filing for the FY 2021-22(AY 2022-23)

You need these five documents during your ITR filing:

  1. Form 16 (For salaried person)
  2. Interest certificate (You have home loan interest or FD interest) 
  3. Form 26 AS
  4. Capital gains reports ( Shares, mutual fund & contract note on profit)
  5. Aadhar Card

How to file ITR for FY 2021-22 (AY 2022-23)?

An individual can file their ITR entirely online or partially online or offline mode.

  • Partial online/ partial offline method: This filing procedure must be completed by downloading the JSON file that already contains pre-filled data, including personal information, salary, dividend, interest income, etc. Individual taxpayers will need to download the JSON utility from the new income tax portal if they go for the partial online and partly offline procedure. After filling it out using the JSON tool they need to upload it to the income tax e-filing website.
     
  • Online method: You can file your Income Tax Returns completely Digitally using ITR Form. First simply login to incometax.gov.in with your login information using your PAN or Aadhaar card number as your unique Identifier, after that by following a few steps you can successfully file your ITR.

Conclusion:

This year the Income Tax department of India introduced a new form for filing revised ITRs and also launched a website for easy ITRs filing. An individual taxpayer should understand which ITR form applies to them. Then they can choose the offline or online method for filing ITR.

Disclaimer: This article is for general information and should not be construed as insurance, investment, tax, or legal advice. You should separately obtain independent advice when making decisions in these areas.