Mumbai, July 30: With the July 31 deadline to file Income Tax Returns (ITR) rapidly approaching, taxpayers are in a race against time to ensure their submissions are completed accurately. Unlike in previous years, there has been no announcement of an extension, making it crucial for individuals to finalise their filings promptly. Missing the deadline can result in penalties and interest charges, making it important for individuals to act swiftly.

With the deadline fast approaching, it's crucial to have all necessary documents in order and understand the steps involved in the filing process. This guide provides a comprehensive overview to help you file your ITR efficiently, ensuring the taxpayers meet the deadline, avoid penalties and stay compliant by following these essential steps for a smooth filing experience. IT Return: Over 5 Crore Income Tax Returns Filed for Assessment Year 2024–25 Till July 26.

When is the Last Date to File ITR?

The last date to file your ITR for the financial year 2023-24 is July 31, and with only one day remaining, it’s important for taxpayers to complete their filing without further delay. As of now, there is no news of an extension to the deadline. The government has not indicated any change, and it appears that similar to last year, the deadline will not be extended. How To File ITR Using Form 16: Step-by-Step Guide To Ensure Error Free Last-Minute Income Tax Returns Filing.

Step-by-Step Guide to File Your ITR

 

  • Gather Documents: Collect Form 16 (from your employer), Form 26AS, bank statements, investment proofs, Aadhar card, and PAN card.

  • Choose the Correct ITR Form: Select the appropriate form based on your income sources.

    ITR-1 (Sahaj): This form is for individuals with income from salary, one house property, and other sources up to INR 50 lakh.

    ITR-2: For individuals and Hindu Undivided Families (HUFs) with income from more than one house property, capital gains, or foreign income.

    ITR-3: This is for individuals and HUFs with income from business or profession, including those with income from capital gains or other sources.

    ITR-4 (Sugam): This form is for individuals, HUFs, and firms with presumptive income under sections 44AD, 44AE, or 44ADA.

    ITR-5: This is for partnership firms, LLPs, Associations of Persons (AOPs), Bodies of Individuals (BOIs), and firms.

    ITR-6: For companies other than those claiming exemption under section 11.

    ITR-7: For persons including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D), such as trusts and institutions claiming exemption under section 11.

  • Login to E-Filing Portal: Visit eportal.incometax.gov.in and register or log in using your PAN.

  • Fill in the Form: In the chosen ITR form, enter personal details, income details, deductions, and tax payments. Verify the pre-filled data and make necessary corrections.

  • Calculate Tax Liability: Use the built-in calculator to determine your tax liability, ensuring all eligible deductions are accounted for.

  • Review and Validate: Check all entries for accuracy and validate them using the 'Validate' button to catch any errors.

  • Submit and E-Verify: Submit the ITR form online. After submission, e-verify your return using Aadhaar OTP, net banking, or other available methods.

  • Download Acknowledgment: Once e-verified, download the ITR-V acknowledgement for your records.Missing the July 31 deadline for filing your ITR can lead to significant repercussions. If you fail to file on time, you may incur a penalty, which can range from INR 1,000 to INR 10,000, depending on how late you are. Additionally, late filing can attract interest on the unpaid tax amount and may result in legal complications or notices from the Income Tax Department. To avoid these penalties and ensure compliance with tax regulations, it’s essential to complete and submit your ITR before the deadline.

(The above story first appeared on LatestLY on Jul 30, 2024 11:55 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).