Income Tax: File your ITR and pay tax on e-pay portal via THESE 31 banks. A step-by-step guide

As the last date to file income tax return (ITR) on Sept 15 looms closer, taxpayers can file their tax returns using ITR-1 or ITR-4. Notably, excel utilities of other income tax forms have yet not been released including the ones for ITR-2 and ITR-3.

To be able to file their income tax return via any of the forms released so far, taxpayers can visit e-filing portal and follow the due process as listed below.

Filing income tax return. A step-by-step guide

I. As you log in to your account and click submit return, you need to first choose the assessment year i.e., 2025-26 for filing the return of FY 2024-25.

II. Then the system will ask you to choose the category of taxpayer i.e., individual or HUF.

III. In the next step, you will have to choose the tax form which you need to choose based on the category of source of income. For salaried employees, it is ITR-1 and for persons with business and profession, it is ITR-4. It is worth mentioning that you will have to wait for a few more days if your income bracket aligns with any other tax form i.e., ITR-2 or ITR-3.

IV. As soon as click this, the system will tell that the new tax regime is the default regime. Therefore, it is advisable to compare the tax computation on tax calculator before proceeding. You can read this article to know more about this.

If your tax liability is lower in the old tax regime then you are recommended to opt for it. And if your tax liability is higher in old tax regime, then you can obviously opt for the new tax regime.

The system also cautions taxpayers by telling them that the list of significant exemptions and deductions which are not available under the new tax regime are HRA, LTA, deductions under section 80C, 80D, 80U, 80E, 80G, 80TTA, 80TTB and other chapter VIA deductions.

V. Suppose you are a salaried employee and total income up to ₹50 lakh; you need to choose ITR-1 to file your tax return.

Now, you need to validate your returns breakup, confirm your return summary and finally, you can verify your return and submit the return.

VI. If your tax liability is more than the tax already paid, you can pay tax through any of the 31 banks available at e-pay tax service.

Income tax department recently updated the list. Now the latest list of banks includes Axis Bank, Bandhan Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India and City Union of Bank, among others.

Two new banks added to the list in 2025 are Tamilnad Mercantile Bank (w.e.f. March 5) and Yes Bank (June 27).

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