Before you get ready to file your income tax return this year, make sure that your profile is complete with correct information so that all the details from your profile get picked up correctly when you’re filing your Income Tax Return. Read on to find out how to and what details you need to put in to update your profile 100% at the new income tax portal.
Login Income tax portal Using PAN Card
When you get to the new income tax portal, which is incometax.gov.in, log in using your PAN Card number as your username and for the password, use the same password you would use on the old income tax portal. Once you’re in, click “My Profile”. This will take you to the screen where you’ll be able to fill in all the details in your profile.
Fill in your Personal Details to get 10% completion
First, you’ll see the section for personal details. Here, fill in your name, date of birth, and status. This section is also linked with your Aadhaar Card, and all your other information is usually already extracted and filled in. If you see incorrect information, or if some of your details have changed, you need to click on “Edit” and update those fields. If you haven’t linked your Aadhaar card with your PAN yet, you must do so at the earliest. Otherwise, you won’t be able to file your Income Tax Return. Once you’ve linked your Aadhaar, your profile will appear to be at least 10% complete.
Update Contact & Bank Details
Now it’s time to update your contact details. Once that’s done, move on to the bank account section. Here, you need to declare the details of all your bank accounts. At least one of these should be validated so you can click the “Yes” button next to it to nominate it for a refund. This is where you’ll be receiving income tax refunds.
Update Demat Account Details
Once your bank account details are all set up, it will ask you to update your Demat account. This will be useful when you want to e-verify your return using your Demat account. But it’s okay to skip this if you already have your Aadhaar linked, a working mobile that can receive OTP, and a validated bank account with EVC enabled. Although this might keep your profile progress bar behind by up to 4%. This is additional information, and if you have other ways to e-verify your returns, you don’t need to update details for a Demat account.
Register Your DSC
Next, you’ll be asked to register your DSC. This is your digital signature certificate. Now this is optional too. If you don’t have/need a DSC, you don’t really need to update this section. But if you need to file your income tax return for your business, you need to do that using a DSC. This will be useful in that case.
E-File Your Vault Higher Security
The fourth section is for details about e-filing Vault Higher Security. If you update this, it will activate a two-way authentication process. Now if you file your returns with the help of a CA or a third-party software, this might cause an error when uploading the return. It could also be inconvenient to share the OTP with your CA every time you want to file a return. So if you want, you can choose to skip this section. This could also hold you back 4%.
Secure the access message
Next is the secure access message. You’ll see this message every time you log into your account on the new income tax portal. You can change or edit this message. So this is what you’ll see instead of a boring, long message. Talk about an opportunity to be creative!
Generate a Static Password or Login with OTP
The next section is for a static password. These are reusable user-generated passwords that don’t expire. This is also optional and not really a requirement when filing your ITR. The next section is OTP login. This is an alternate login method that comes in handy when you don’t do well at remembering all the different passwords you set everywhere. The new income tax new portal has given you the option to login using Aadhaar OTP.
Fill in Your Jurisdictional Details
Next is your jurisdictional details. It’s important to note that these details are automatically fetched from your PAN. Currently, there’s no option to protest any inaccuracies. And then, there’s your sources of income. Here, you’ll put in details about all your sources of income, like your business or profession. If you draw a salary, you can select that option. It will then ask you to update then TAN of your employer, among other details. If you earn from a house property, you can select that as well. You can also put it information like the name of your business, your GST registration number, and any branches that you might have. Once you update all this information in your profile, it will automatically fetch it the next time you file your ITR.
Assign an authorized signatory for your ITR
Then, there’s the authorized signatory for income tax returns. If you file your own returns, you don’t really need this. And then, you have the option for the Portuguese Civil Code. According to this, the income earned by the husband and wife is equally apportioned between them if they live in certain areas mentioned by the law. You can opt for this if you are eligible.
So that’s about it. Once you have gone through all of this and updated all the necessary information corectly, your profile should be up to 90-95% or more.