ITR filing 2024: The process of filing Income Tax Returns (ITR) for the assessment year 2023-24 has commenced. Filing ITR can be challenging, especially for first-time filers. The deadline for filing ITR for the financial year 2023-24 is July 31. If you haven’t filed your return yet, it is advisable not to delay. Rushing at the last moment can lead to mistakes. Therefore, gather all necessary documents and file your return promptly. Here are five things to keep in mind while filing your return to avoid errors and ensure smooth processing:
Selection of form
The choice of form depends on your sources of income. If you are a salaried individual with a total income of less than Rs 50 lakh, agricultural income up to Rs 5,000, and ownership of only one house, you can opt for ITR-1 (Sahaj). If your income exceeds Rs 50 lakh, ITR-2 is recommended. Individuals with business income, including trading on stock exchanges in cash or futures and options segments, should use ITR-3.
Documents required
The documentation required will vary based on your source of income and the specific ITR form you are using. For salaried individuals, necessary documents typically include Form 16 from your employer, bank statements, and statements of capital gains from brokers or online mutual fund intermediaries.
What new information do I need to know this time?
This time, the Income Tax Department has sought additional information through the new ITR forms issued at the beginning of this year, especially concerning donations to political parties under Section 80GGC of the Income Tax Act. Similarly, taxpayers need to provide PAN and Aadhaar details for their disabled dependents if they are claiming deductions under Section 80DD.
What mistakes should be avoided?
Firstly, ensure that you have selected the correct ITR form. Using the wrong form could result in your return being rejected. Do not forget to report all sources of income. AIS captures all details entered.
Enter correct bank account details
Provide accurate bank account details when filing your income tax return. Incorrect information could delay your refund. If you are wondering whether you can file your ITR after July 31, the answer is yes. For the financial year 2023-24, you can file a belated return by December 31, 2024, but you will be required to pay a late filing fee of Rs 5,000.
Also Read: ITR filing 2024: How to claim your Income Tax refund? Here’s a step-by-step guide