ITR Filing:If you have not yet filed income tax return for the financial year 2023-24, then get this work done as soon as possible. Now two days are left for this. According to the official website of the Income Tax Department, 57,248,622 tax returns have been filed by the taxpayers so far for the assessment year 2024-25. If you also want to ensure your participation in increasing these figures, then you can file tax return before the deadline ends.
The deadline for filing tax returns is 31 July. It is necessary to file the return by this date to avoid extra charge or penalty. After the deadline, taxpayers will have to spend extra money in the form of penalty and interest to file ITR. After 31 July, taxpayers will be able to file belated returns with penalty and extra charge for assessment year 2024-25. Its deadline is 31 December. If someone misses filing belated returns, he will get an opportunity to file updated returns for assessment year 2024-25. However, taxpayers will have to spend more penalty, interest and extra money to file updated returns.
Also read: Income Tax Refunds: How many days does it take to get a refund after filing a tax return? Check your status like this
If you want to avoid such extra expenses, you can file ITR at the last moment by following the steps given here.
File ITR with the help of these steps
First of all go to the e-filing website of Income Tax Department www.incometax.gov.in/iec/foportal/.
Now log in here with PAN card, Aadhar card or ID and password or OTP verification option. If you are visiting this website for the first time, then register with the help of PAN card and other necessary details. During this, OTP verification will also be required. In such a situation, keep the mobile number linked to Aadhar with you. After successful registration, log in with the help of necessary details.
Now income tax returns have to be filed for the financial year 2023-24 or assessment year 2024-25. For this, the Income Tax Department provides many types of forms. Taxpayers have to select the ITR form according to their income and tax slab. Usually taxpayers fill Form ITR1, ITR2, ITR3 and ITR4 to file their tax returns.
In the initial step of filing ITR, taxpayers will have to select options like Assessment Year, Tax Return Filing Online or Offline, Individual or HUF or Others, Type of ITR.
ITR Form-1 or Sahaj can be used by those taxpayers whose income source is less than Rs 50 lakh i.e. salary, pension, home assets and any other source.
Taxpayers with income more than Rs 50 lakh, who have earned from non-listed equity shares or capital gains, fill ITR Form-2.
ITR Form-3 is used only by those taxpayers who earn from business or any other profession. Apart from this, freelancers also have to fill ITR Form-3.
ITR Form-4 can be used by businessmen whose income ranges from Rs 50 lakh to Rs 2 crore. Professional and taxpayers earning from other sources also fill this form.
Salaried people need Form 16 while filing ITR. People who have worked on contract need Form 16A. Apart from this, help can be taken from Form 26AS available on the e-filing portal. To get Form 26AS, it is necessary to register on the e-filing portal.
To file ITR in the individual category, you will have two options, one is ITR-1 and the other is ITR-4. Both these forms are usually filled by people whose annual income is up to Rs 50 lakh. They just have to make different selections according to their income source.
Those who choose ITR-1 option have to fill in their personal information, gross total income, tax exemption information, tax filing information, tax liability (calculation is done automatically). This is usually available in Form-16. Those who choose ITR-4 option have to fill in all the information mentioned above along with disclosures.
Select the form ITR1 or ITR2 or ITR3 or ITR4 as per your income and tax slab and carefully fill in the required details in all the steps. If you want, you can also take the help of tax return filing experts.
Also read : ITR Filing on WhatsApp: You can also file ITR through WhatsApp! Check details to get refund
After completing all the steps, you finally have to validate your ITR. For this, you can take the help of Aadhaar based OTP. However, for this, Aadhaar-mobile number and Aadhaar-PAN card must be linked.
