Filing Income Tax Return 2024 - A Comprehensive Guide

Types of Income Tax Return(ITR) Forms

There are totally 7 types of ITR forms, prescribed by the Income Tax Department of India. Each of the forms depends upon the taxpayers as well as the nature and amount of income. Here are the different types of ITR forms:

• ITR-1 (Sahaj): It is eligible to be filed by residents with a total income amount of up to Rs 50 lakhs from salaries, one-house property, agricultural income up to Rs 5,000, and incomes from other sources like winning a lottery.

• ITR-2: It is eligible to be filed by individuals and HUFs, who have no income from profits and gains from their business or profession.

• ITR-3: It can be filed by individuals and HUFs, who generate income from profit and gain from business and profession.

• ITR-4 (Sugam): Can be filed by Individuals, HUFs, and firms (other than LLP) being a resident having total income up to ₹50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA, or 44AE.

• ITR-5: Persons apart from, individuals HUFs, and companies, i.e., firms, LLPs, AOPs, and BOIs are eligible to file this form.

• ITR-6: It can be filed by companies that claim exceptions under Section 1.

• ITR-7: Trusts, political parties, institutions, colleges, and other specified entities are allowed to file this Income Tax Return form.

How to File Income Tax Returns Online?

The due date for filing Income Tax Return 2024 is already here! Follow the below steps to file ITR online:

• Step 1: Visit the official website of Income tax e-filling

• Step 2: Log in to your profile using your Aadhar Card/PAN Card or any identity card, password, and captcha code.

• Step 3: After logging in successfully, on the e-File menu, click on "Income Tax Return" to file your ITR.

• Step 4: You will be redirected to the "Income Tax Return" page. On the page, you will be asked to fill in the details:

• Assessment Year

• ITR Form Number

• Filing Type

• Submission Mode

• Step 5: After filling in the details, select the "mode of filling". If you planning on filling the ITR online, click on "Online" and then click on "Process".

• Step 6: Select the "status" from the list:

• Individual

• HUF

• Others

• Step 7: Now select the ITR form to fill out.

• Step 8: As per the selected ITR form, the website will show the summary of your tax computation.

• Step 9: After checking all the details and looking for any errors, you can go for verifying the Income Tax Return. Click on "Proceed to Validation", and you will be offered 3 options:

• e-Verify

• e-Verify after 120 days

• e-Verify via ITR-V

• Step 10: If you are choosing e-verify, generate EVC or OTP. And finally, click on "Submit".

If you have completed the above process, you will receive an income tax acknowledgment in your registered email ID.

Things To Know Before Filing Income Tax Return(ITR)

Imagine, it's already time to submit the ITR of the financial year. There are certain things that you should be considering before you file the ITR. Some of them include:

• Knowing the due date for filing the Income Tax Return comes first. The first thing that a taxpayer should know before filing an ITR is the due date. It would generally be July 31st of the financial year.

• Taxpayers should have a clear idea about how the tax system in India works. As per the new income tax system, there are several exceptions from the old tax system. Carefully analyze your tax amount in the calculator in the Income-tax online portal before you file for the ITR.

• It is crucial to understand that your income is taxable before you file the income tax return. Briefly look at the Annual Information Statement(AIS) and Form 16, before you file the ITR. The column may sometimes change if the income from your wages, interests, and dividends is added, so the tax has to be paid without any exception.

• Filing the right ITR document is very well important for anything else. As mentioned above there are different types of ITR forms. ITR-1, ITR-2, ITR-3, and ITR-4 are the most commonly used forms while filing the income tax return. Choose the right type of ITR form that will fulfill the criteria before you file it.

• It is important to verify your bank account before you submit an Income Tax Report. You should check whether the name, address, PAN, Aadhar, and other details submitted are the same as those given to your bank account.

• Have a hold of the document submitted for exception while filing the income tax return. Some of the documents including, Form 16, Form 16A, and Form 26 AS, should verified and kept as e-copy, as you file the ITR for the financial year.

• Always look for the right financial year before you file the ITR. The Income Tax Return you are filing for the previous financial year, ie., 2023-24. Do not mistake it with filing for the current financial year of 2024-25.

Keep all these in your mind before you file the Income Tax Return(ITR) in 2024!

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That's it, folks. These are all you need to know about Income Tax Return 2024. File ITR before July 31, 2024, and have hold of every document required before filing ITR online.