ITR filing 2024: Whether you are a salaried employee or a business owner, you must file your income tax return by the due date. The last date for filing the Income Tax Return (ITR) is July 31. Experts advise that no taxpayer should wait until the last date to file their return. Filing early allows you time to minimise errors. You can file the return online either with the assistance of a chartered accountant or on your own. If you decide to do it yourself, the process has become quite easy. You need to file the return through the Income Tax Department's website. Here’s a step-by-step guide to filing ITR online.
Documents required to file ITR
If you plan to file your income tax return online, make sure to have some important documents ready. These include Form 16, Form 16A, Form 26AS, capital gains statement, and proof of tax-saving investments. These documents are essential for filing your income tax return accurately.
Step-by-step process of filing ITR online
- Visit the Income Tax e-filing portal incometax.gov.in/iec/foportal/
- If you are a registered user, log in using your User ID, password, and captcha code. If you are a new user, register yourself by clicking on the "Register Yourself" button and follow the instructions.
- Go to the 'e-file' menu and select 'Income Tax Returns'.
- Choose the appropriate ITR form based on your income (ITR-1 or ITR-2 if you have Form 16).
- Choose the assessment year 2024-25.
- Enter all required details such as personal information, income details, deductions, and tax paid.
- After filling in all the details, validate the form to check for errors and rectify them if any.
- Once validated, click on the "Submit" button to file the return.
- After submission, verify your return using Aadhaar OTP or other available options.
- Upload and verify your return.
Who should file ITR?
If your total income before deductions under various sections of Chapter VI-A (like 80C, 80CCC, 80CCD, 80D, 80E, 80G, 80GGA, 80TTA/80TTB, etc.) exceeds the basic exemption limit, you are required to file your Income Tax Return (ITR). Additionally, as a resident of India, if you own or have an interest in any property outside India as a beneficial owner, you must also file an ITR.
Also Read: ITR filing 2024: Keep these five things in mind before filing income tax return
Also Read: ITR filing 2024: How to claim your Income Tax refund? Here's a step-by-step guide
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