It’s time to take taxes off your mind because filing with Cleartax is easier than ever! Here is a step-by-step guide on filing your ITR (Income Tax Returns) on Cleartax for the financial year 2022-23.
To begin, gather the following documents to pace up the process:
Login to your Cleartax account and click on ‘Start Filing’.
Linking your PAN allows us to submit your return to the income tax department.
If you are filing with us for the first time, you need to link your PAN by entering your PAN, Date of Birth, and the OTP received on your registered mobile number. You can verify the OTP using either your 'Aadhaar registered mobile number' or ‘IT Department registered mobile number.’
If you have previously filed with Cleartax and your PAN is already linked, you will directly see the autofill screen. To pre-fill your information from the income tax department, you will need to complete another OTP verification. This OTP verification is to capture all your personal information and income details in your income tax return with maximum security of your data.
If you choose the 'IT Department' option, you will need to enter two OTPs, one sent to your mobile number and the other to your email.
Too many OTPs can seem a lot of effort, but it is totally worth it! Most of your information will be auto-filled. This saves you nearly 2 hours of your time that would have been spent manually entering and correcting details. Review the autofilled information and modify if necessary.
Scroll down and find the 'Upload Form 16' option. By uploading your Form 16, your salary details will be automatically captured.
If you switched jobs and received multiple Form 16s, don't worry. You can upload them all on Cleartax. Click on 'Upload another Form-16' and upload the file.
Note: If you prefer skipping the pre-fill option, you can manually enter the details.
Here you will see 4 tabs: Personal info, Income Sources, Tax Saving and Tax Summary.
All your personal details like name, address and other details will appear here. You can expand each section and review these details. You also have the option to edit them, if required.
Go to the ‘Income Sources’ tab.
If you didn't upload Form 16 earlier, you can upload it here and fill in the salary details.
Enter the income from house property, considering whether you occupy the house or have rented it out.
If you have sold assets like stocks, mutual funds, Gold, bonds, shares received as a part of ESOP or RSU scheme, land or building, then the profit/loss from such transactions must be reported under capital gains section.
A separate section is dedicated to reporting capital gain details from foreign stocks. Similar to stocks, you can either import the details directly from your broker. Currently, we support transactions from brokers like INDMoney and Vested. Even if your broker isn't mentioned, you can use our excel template to report all the transactions at once.
If you have sold the shares received under ESOP or RSU scheme, you can add the following details under this section :
Your capital gains will be calculated.
Likewise, you can add details for all the other assets like Bonds, gold, land and building.
So broadly there are 5 sub-sections here:
Also, one common error people make while filing ITR is they miss adding income from dividends, savings bank and FD interest. You can add them in the other income sources section. Again, if your broker p&L statement or your 26AS has it, we will populate it. Otherwise, you can provide the details manually.
Under the ‘Tax Savings’ tab, review the investment details (e.g. LIC, PPF, etc.) captured. If you want to add more tax-saving details, you can edit the fields and claim tax benefits here.
Tip: Do you have kids? Claim benefits on their tuition fees under Section 80C
Interests up to Rs 10,000 earned on your savings account maintained with a bank, post office, or co-operative society can be claimed as a deduction under 80TTA.
If you had carried forward losses from last year, you can add them here and offset it with the gains.
If you scroll down below, you can enter taxes-paid details. All the details of TDS and advance tax that you’ve paid will appear here. You can also add these details by uploading Form 26AS. If you’ve bought a car or if you’ve gone on a foreign vacation, tax may have been collected at source (TCS). That also gets filled from 26AS. And you can get this money back or adjust it with your taxes.
The Clear portal also allows you to make other important disclosures, as shown in the below screenshot. If any of these conditions apply to you, then enter those details and continue.
On the next page, you will see a tax summary. Based on all the details you’ve added, we have auto-selected the ITR Form for you. Also, the best part about filing with us is that we auto-suggest the best tax regime for you that saves you the maximum taxes.
You can always compare your tax payable under both regimes and even switch to the other tax regime.
You can also view and download your tax report.
Scroll down below, and you can go through all the details filled by you in each section and edit any of these items. To proceed, click on ‘File tax’.
Check the box and ‘Submit Declaration’.
You can view your tax due status in the computation. If any tax due is to be paid, you must pay the same and enter the challan details to proceed. Read this guide to know how to pay your tax dues.
If you see ‘Refund’ or ‘No Tax Due’ here, you can proceed to e-file. You will get an acknowledgement number on the next screen.
You can now make the payment for submitting your return through the Cleartax.
Who doesn’t like some discount coupons while making a payment? Click on ‘view coupons’ and apply any of the relevant coupons and avail a big discount!
You can complete the payment from a host of payment options available.
On completion, you will see a success message as shown below.
After making the payment, your return will be submitted, and you will receive an acknowledgement number from the Income Tax Department. Keep it handy for future reference. You will also receive an SMS and e-mail from the Income Tax Department.
Once your return is filed, click on ‘e-verify’.
Important: Uploading ITR alone does not complete the return filing process. E-verifying your return is important for completing the ITR filing process. Else, the return will not be accepted by the income tax department.
Check our guide on how to e-Verify your return.
Read our Guide on how to link your PAN with Aadhaar.
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You can log in back to Cleartax and track the status of your ITR - you’ll be able to view whether your ITR has been processed, and in case you are eligible for a tax refund, then you will also be able to check the status of your refund.
The income tax department has mandated to file the return to individuals only in case their income is above the basic exemption limit or if they meet specific criteria like expenditure on foreign travel is more than Rs 2 lakh and electricity consumption of Rs 1 lakh or more, deposits of an amount/aggregate of an amount above Rs 1 crore in one or more current accounts, and other conditions that the government will notify.
Later, the government provided additional conditions via a notification dated 21st April 2022. It has notified below conditions where the taxpayer is required to file ITR:
Other scenarios where it is mandatory to file ITR includes:
In the case of a resident whose asset is located outside India or has signing authority for an account based outside India. It is always good to file your ITR even if you are not eligible due to the benefits.
Income tax is a direct tax on your income. It means a portion of your income is paid to the government. The government charges this amount for expenditures related to health, education, providing subsidies to agriculture, infrastructure etc. It is paid by an individual/HUF/any taxpayer depending on income levels or gains in a financial year. A company has to pay income tax irrespective of the level of income. The government passes laws prescribing the rate of taxation on your income from time to time.
You have to pay your taxes before filing your tax return. If you are a salaried individual, then most of your tax liability is deducted from your salary by your employer in the form of TDS and paid to the government on your behalf. If you are liable to pay advance tax, you have to pay 90% of it before the 31st of March every financial year. You can file your ITR once the financial year ends.
The window to file ITR is generally open till the 31st of July of the relevant assessment year. However, the due date to file ITR may get extended, and the IT department will notify the same through notifications. It is always advisable to file your ITR within the due date. It’s worthwhile noting that you attract a late filing fee of Rs 5,000 on failing to file ITR within the due date of the assessment year.
There are many ways to save income tax through proper tax planning. Income tax Act provides certain deductions and exemptions that can be claimed, reducing your total taxable income and tax outflow. Below are some of the most common deductions and exemptions:
You can file your ITR return online through the income tax e-filing portal or ClearTax. If you wish to file the return through the government portal, you have to file it using the “Offline” mode or the “Online” mode.
Filing taxes with Cleartax is simplified with a step-by-step guide for filing ITR for the financial year 2022-23. It includes required documents, PAN linkage, pre-filling personal information, uploading Form 16, and detailed sections like income sources, tax savings, taxes paid, and more.