Personal Tax Filing
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File Income Tax Return in 8 Easy Steps
The rule of filing an income tax return gets directly imposed by the government. As the name suggests, it comes under the Income Tax Department which again comes under the Central Board of Direct Taxes (CBDT). Income tax act was introduced in 1961. However, it applies to you only if you earn above a certain threshold and comes with different slabs and deductions that affect your tax liability.
Who can File an Income Tax Return?
Generally, any individual earning income above the basic exemption limit should file an income tax return. However, the following are the specific situations:
- Individuals (under 60 years) with income above Rs. 2.5 lakhs.
- Senior citizens (60 to 80 years) with income exceeding Rs. 3 lakhs in a financial year.
- Super senior citizens (above 80 years) earning more than Rs. 5 lakh in a financial year.
- Salaried individuals.
- HUFs.
- Directors and partners.
- Association of Persons (AOPs).
- Bodies of Individuals (BOIs).
- Local Authorities.
- Income received while managing charities and trusts.
- NRIs.
- Earners from the dividends.
Due Dates for Filing ITR Return
- The due date for filing ITR return for the financial year 2023-24 is 31 July 2024 and missing this deadline leads to penalties.
- Taxpayers subject to audit must file ITR before 31 October 2024.
- Taxpayers under transfer pricing should file ITR before 30 November 2024.
- Revised ITR filing due date is 31 December 2024.
- Late ITR or belated ITR filing due date is 31 December 2024.
8 Steps for Filing ITR Returns
Before filing your Income Tax Return, ensure that you have required documents for the same.
Step 1:
Visit the Income Tax portal and register or log in
Step 2:
Select the appropriate ITR form, assessment year, filing type and submission mode.
Step 3:
Choose an appropriate mode of filing.
Step 4:
Select your status (whether you are an a member of a HUF, an individual or filing on behalf of a firm).
Step 5:
Select an appropriate ITR form according to your income and sources of income.
Step 6:
Find your tax computation summary and available refunds.
Step 7:
Click on ‘Proceed to Validation’ and remove unseen errors before submitting.
Step 8:
Submit the form and the portal will send you an acknowledgement on your email ID.
Documents Required for ITR Filing
Your Documents
- PAN and Aadhaar card (linked to PAN)
- Bank account details
- Home loan documents
- Lease agreements and proof of rental income if you rent a property
- Foreign income documents
- Proof of income from dividends
- Capital gain-related documents
- Proof of instruments and plans for saving tax
Documents Regarding Your Income
- Salary and rent slips
- Form 16
- Form 16-A
- Form 16-B
- Form 16-C
- Form 26AS
Proceed to ITR form filing after you gather all required documents.
Importance of Filing ITR Returns
- You may claim a refund if you have paid excess personal income tax.
- You may carry forward losses from one year to offset future income.
- You may present the ITR returns as a proof of income for visa applications, passport renewals, property purchases, loan applications and more.
- You may claim exemptions and deductions.
Don’t Wait for the Last Minute. File ITR Returns with the Support You Need.
Final Words
Filing an Income Tax Return (ITR) is legally mandatory for individuals earning above the basic exemption limit because it ensures accurate tax calculation, enables claiming refunds and helps maintain financial credibility. However, selecting the correct ITR form and gathering necessary documents might be challenging to you which can be solved by a professional tax consultant.
FAQs
How to File ITR Manually?
Visit the Income Tax Office to file ITR manually. Other conditions are you must be filing only ITR-1 Form, your age should be more than 80 in the financial year, your total income should be less than Rs. 5 lakhs and you do not want to claim any income tax refund.
Can I File a Revised ITR?
Yes, you can file a revised ITR to correct errors or omissions in the original return.
What Will Happen if I Do Not File ITR on Time?
You must pay a late filing fee and interest on the unpaid tax if you miss the deadline.
What is the process for verification of ITR?
You can verify your ITR through e-verification, Aadhaar OTP, or sending the ITR-V form by post.
How Do I Claim Deductions Under Section 80C?
Provide necessary documents like investment proofs, tuition fee receipts, and home loan interest certificates while filing the ITR.
