Filing income tax returns is a must for everybody who earns a living in India. It is a legislative obligation that ensures the government can appropriately estimate people’ tax liabilities and prevent tax evasion. This article will go over how to file Form 10E using the new income tax system. With the debut of the new income tax system in 2021, filing tax returns has become more simplified and efficient.Â
What exactly is the Form 10E?
Form 10E is a declaration form that persons must complete if they want to claim a deduction for arrears or past year’s salary received in the current fiscal year. Section 89 of the Income Tax Act of 1961 requires the completion of this form. Salary earners, pensioners, and anybody else who receives arrears or past-year pay can file it.
Form 10E Filing Instructions on the New Income Tax Portal
Step 1: Access the New Income Tax Portal:
The first step is to log in to the new income tax system in order to file Form 10E. The new income tax portal is intended to be user-friendly for taxpayers. You can access the system by entering your PAN or Aadhaar number and password.
Step 2: Navigate to the ‘e-File’ tab:
After logging in, navigate to the ‘e-File’ section of the dashboard.
Step 3: Select ‘Income Tax Forms’:
Click on ‘Income Tax Forms’ in the ‘e-File’ section. This will take you to a website where you can choose which form to file.
Step 4: Open Form 10E:
Select Form 10E from the list of forms presented on the page in the ‘Income Tax Forms’ section.
Step 5: Fill in the Required Information:
After selecting Form 10E, you will be taken to a screen where you must fill out the necessary information. These facts include your name, PAN number, assessment year, and the amount of arrears or salary received in the previous year. Check that all of the information you have supplied is correct and complete.
Step 6: Attach Supporting Documents:
After entering the needed information, you must upload supporting papers such as Form 16, Form 26AS, and any other applicable documentation to support your claim for a deduction under Section 89 of the Income Tax Act. Before beginning the filing procedure, make sure you have scanned copies of all required papers.
Step 7: Submit the Form:
You can submit the form once you have filled in all of the relevant information and attached any supporting documents. After submitting the form, you will receive an acknowledgement on the site.
Considerations When Filing Form 10E
Before you file your income tax returns, fill out Form 10E:
Before completing your income tax returns, you must complete Form 10E. By completing this form, you will be able to claim a deduction for arrears or past-year salary received in the current fiscal year. Failure to submit this form may result in a larger tax bill.
Provide Correct Information:Â
When completing Form 10E, make sure you give proper information. Only accurate information can cause issues and may result in penalties or legal ramifications.
Keep supporting documentation on hand:Â
Before beginning the filing procedure, it is critical to have all supporting documents ready. These documents can help you prove your deduction claim under Section 89 of the Income Tax Act.
Make Use of the New Income Tax Portal:
The new income tax portal is intended to give taxpayers an easy-to-use experience. You should file Form 10E through this gateway because it is more streamlined and efficient than the previous portal.
Keep a Record of Deadlines:
Keep track of the deadline for submitting Form 10E. The paperwork must be submitted before the deadline for submitting your income tax returns.
Conclusion
In conclusion, completing Form 10E on the new Income Tax system requires a few measures to ensure a smooth process. To begin, enter your credentials into the Income Tax portal. Then, in the “e-File” section, pick “Income Tax Forms.” Look for Form 10E and open it by clicking on it. Fill up the necessary information about your debts and relief demand. Check the information provided for accuracy and double-check it. Once completed, click the “Submit” button to electronically submit the form. Make a copy of the acknowledgment for your records. Familiarising yourself with the precise instructions and guidelines offered by the Income Tax Department might aid in the smooth submission of Form 10E via the new portal.
