As the deadline for filing Income Tax Returns (ITR) approaches, individuals who earn, whether they are salaried, self-employed, part of a Hindu Undivided Family (HUF), or work for multinational corporations or firms, are reminded of their primary responsibility to declare their income and pay taxes.
The Income Tax Return (ITR) serves as an official declaration of a taxpayer's income and serves as a basis for determining the taxes taxpayers owe to the Income Tax Department and the last day to file the ITR for the assessment year 2023-24 is July 31. To simplify the process, the Income Tax Department offers an online e-filing portal for users to file their ITR conveniently.
ALSO READ: How to use PhonePe for Income Tax payment: Step-by-step guide
Necessary Documents for Filing ITR:
To file the ITR, individuals need several essential documents, including their PAN card, Aadhaar card, bank account details, income proofs, and deduction proofs.
Step-by-Step Guide to Filing ITR for Assessment Year 2023-24:
- Visit www.incometaxindiaefiling.gov.in, the Income Tax Department's e-filing portal.
- Click on "Login" and enter your ID (PAN/Aadhaar), password, and captcha code.
- After logging in, click on "e-File" and then "Income Tax Returns."
- Select the assessment year for which you are filing your return.
- Choose the appropriate ITR form based on your employment details, referring to Form 26AS and Form 16 if needed.
- Review the tax details after filling in the required information.
- Proceed to validation and select a verification option to verify the ITR.
- After e-verifying, click on "submit" to complete the ITR filing process.
ALSO READ: YouTube TV's new multiview feature: Watch four shows together on smart tvs and devices
Importance of Timely ITR Filing:
Filing the ITR on time not only fulfils a legal requirement but also offers several benefits. Timely ITR filing establishes financial credibility with banks and financial institutions which makes it easier for individuals to access loans and other financial services in the future. Moreover, it helps them save money and avoid penalties.
