Income Tax Return is a prescribed form through which details of income earned by a person in a financial year and the taxes paid on such income are reported to the Income Tax Department. It also allows loss carry forward and claim refund from the Income Tax Department. Different forms of return of income are prescribed for filing return for different status and nature of income. These forms can be downloaded from https://www.incometax.gov.in/iec/foportal
It is important for taxpayers to note that the ITR form is filled correctly and completely and within the due date.
that under the Income-tax Act, for different classes of taxpayers Various types of details have been prescribed. The return form is known as ITR Form (Income Tax Return Form). The forms of return prescribed under the Income-tax Law for filing return of income for the assessment year 2023-24 (i.e. financial year 2022-23) are as follows:
This year, the CBDT has notified ITR Forms 1-6, as well as ITR-V (Verification Form) and ITR Acknowledgment Form in advance, a move that will give taxpayers enough time to prepare for relevant disclosures.
CBDT has also made some changes in ITR-1 form with respect to disclosure under section 139(1), which is filed voluntarily by individuals having annual taxable income of less than Rs 2.5 lakh. These persons will not be required to report in their ITR form even if their fixed deposit amount exceeds Rs 1 crore.
What is the appropriate ITR form to use?
If you are not sure which ITR to file, you can select ‘Help me decide which ITR form’ on the e-filing portal while filing ITR and click ‘Proceed’. Here the system helps you to determine the correct ITR, then you can proceed to file your ITR.
If you do not know which ITR or schedule applies to you or the details of income and deductions, your answers to a set of questions will guide you in determining the same and filing correct/error free ITR Will help you
How to file income return online?
The Income Tax Department has set up an independent portal for e-filing of return of income. Taxpayers can login to https://www.incometax.gov.in/iec/foportal for e-filing of Income Tax Return.
click here to view Step by step process to file income tax return online.
What are the benefits of filing your Income Tax Return?
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How to file return of income?
The return of income can be filed either in hard copy or electronically at https://www.incometaxindia.gov.in Can be filed manually. incometax.gov.in/iec/foportal
Do you need to file income tax return even if you have paid all taxes in advance?
Filing of Income Tax Return for Individuals is mandatory for every individual whose income (before considering certain exemptions and deductions) exceeds the maximum exemption limit.
Before filing your income tax return, here are some important things you should know:
Collect all necessary documents: Keep ready all the documents related to your income, investments and expenses, such as Form 16, salary slips, bank statements, TDS certificates, investment proofs and bills.
Determine your source of income: You must know your sources of income, such as salary, business income, capital gains or income from other sources.
Choose the right ITR form: There are different ITR forms for different categories of taxpayers depending on their income and sources of income. Select the correct ITR form applicable to you.
Verify TDS details: Check your TDS (Tax Deducted at Source) details to ensure that the correct amount has been deducted from your income and deposited with the government.
Claim all available deductions: Make sure that you claim all the deductions available under various sections of the Income Tax Act, such as section 80C, 80D, 80G, etc.
Calculate Tax Liability: Calculate your tax liability by subtracting all available deductions from your gross total income.
Verify your ITR: After filing your ITR, verify it with Aadhaar OTP, net banking, or by sending a signed ITR-V form to the Income Tax Department. Verification is mandatory for processing your ITR.
Keep a copy of the filed ITR: It is important to keep a copy of the filed ITR as a proof of filing your return.
By following these steps and ensuring that all the required information is reported accurately, you can easily file your ITR and avoid any penalties or fines.
Taxpayers are advised to visit the official website of the Income Tax Department (https://www.incometax.gov.in/iec/foportal/) for more details and seek professional advice or assistance for any clarifications It is recommended. or enquiry.
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