The deadline for filing income tax returns (ITRs) is July 31. Most individuals have likely received their Form-16 by now. Experts advise taxpayers to avoid last-minute filing to minimise errors.
How to file ITR
You can file your ITR through e-filing portals, apps, or with the assistance of chartered accountants. If filing independently, you’ll typically file online via the income tax department’s website.
Documents required for income tax return filing
Ensure you have these essential documents handy:
Proof of tax-saving investments
Step-by-step guide to filing ITR onlne:
Visit the Income Tax e-Filing portal.
Log in using your PAN, Password, and Captcha code.
Navigate to the ‘e-File’ menu and select ‘Income Tax Return’.
Choose the appropriate ITR form based on your income (ITR-1 or ITR-2 if you have Form 16).
Select the Assessment Year (AY) 2023-24.
Validate all entered data in the form and submit.
After submission, e-verify your return using Aadhaar OTP or other available options.
Upload and verify your return.
ITR filing deadline
The deadline for filing ITR for FY 2023-24 (AY 2024-25) is July 31.
You are required to file your Income Tax Return (ITR) if the total income before deductions under various sections of Chapter VI-A (such as 80C, 80CCC, 80CCD, 80D, 80E, 80G, 80GGA, 80TTA/80TTB, etc.) exceeds the basic exemption limit.
Additionally, as a resident of India, for income tax purposes, you must file an ITR if you own any asset outside India as a beneficial owner or have an interest in any such asset.
Furthermore, according to Mumbai-based tax and investment expert Balwant Jain, the law mandates ITR filing if you have made deposits exceeding specified limits in your bank accounts. For current accounts, this threshold is one crore rupees in aggregate, while for savings bank accounts, it is fifty lakh rupees across one or more accounts.
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