Filing Income Tax Return (ITR) is the primary responsibility for any individual who is earning. Individuals who are salaried or self-employed, Hindu Undivided Family (HUF), MNCs or firms are bound to file their ITR.
What is an Income Tax Return
Income Tax Return (ITR) is a document that taxpayers file with the Income Tax Department to declare their income and pay taxes. As the deadline to file the Income Tax Return is approaching (ITR), it is important to start the process as soon as possible. The last day to file the ITR for the assessment year 2023-24 is July 31. In case an individual forgets to file ITR, then he/she may attract a penalty of Rs 5,000 under Section 234F of the Income Tax Act, 1961, while filing belated ITR. Users can file their ITR online through the Income Tax Department’s e-filing portal. Here are the steps on how to file the ITR online:
Documents required when filing an ITR:
- PAN card
- Aadhaar card
- Bank account details
- Income proofs
- Deduction proofs
Here is a step-by-step guide to file the Income Tax Return for the assessment year 2023-24
Go to the Income Tax Department’s e-filing portal at www.incometaxindiaefiling.gov.in.
Click on “Login” and enter your ID, password, and captcha code. (it could be either (PAN/Aadhaar)
Once logged in, click on “e-File” and then “Income Tax Returns”.
Select the assessment year for which you are filing your return.
Select the ITR form that you need to file. Users will have to select the status based on the employment details. Employees can also refer to the Form 26AS and Form 16 to file the required details.
Once filled, they will get a complete review of the tax details.
Users will also need to tap on ‘Proceed to Validation’. Later, select a verification option to verify the ITR out of the given options.
After e-verifying, click on “submit” to submit ITR.
Conclusion
Filing an ITR can help citizens establish financial credibility with banks and other financial institutions. This can make it easier to get loans or avail other financial services in the future. Therefore, it is important for individuals to file their ITRs on time. Filing an ITR is not only a legal requirement, but also has several benefits that can help them save money.
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