How to File Your Income Tax Return 2024-25

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How to file your income tax return 2024-25
How to file your income tax return 2024-25

Filing income tax return. For some people this is a process of minutes, but for others it is so difficult that they have to seek help from someone or the other. If you also do not find it easy to file an income tax return, then we will tell you some tips. What is the process of filing an income tax return? For this you have to fill the ITR-1 (Sahaj) online form and after that get your return verified.

When is the last date for filing ITR?
If you are looking at the financial year from April 2023 to March 2024, then the tax is applicable for one year later i.e. for 2024-25. Therefore whenever we fill ITR, two terms are used FY (Financial Year) and AY (Assessment Year). Currently you will be filing ITR for FY 2023-24 (AY 2024-25). Its last date is till 31st July 2024.

Any person who is a citizen of India and earns Rs 50 lakh or less annually will have to fill this form. On top of this, there are separate provisions for income tax of the earners.

Who will file ITR?

  • If you are a salary or pension holder, then fill the same form even if your salary is coming from different companies.
  • If you have given a house on rent to someone (this does not apply in case you are showing loss for the previous financial year)
  • Even if you are getting interest from any savings account or other investment, you have to fill ITR.
  • If you are filing ITR with your partner or a minor, then their income should also come from the same sources so that this form can be filled.
  • ITR Form-1 cannot be filled for this type of income
  • If income is above Rs 50 lakh
  • If the company is getting income from director or unlisted shares
  • If not a citizen of India
  • If the income is coming from an external source
  • If there is income from lottery or betting
  • If there is high agricultural income
  • If the business is earning income
  • If the money is getting interest in any account outside India
  • If you have applied for foreign tax relief
  • If your earning is from cryptocurrency
  • If TDS is deducted under section 194N

What documents will be required to fill ITR?

  • Form 16 received from the company which contains details of your salary and tax.
  • Form 26AS downloaded from the Income Tax e-filing portal, which contains details of how much tax you paid to the government. The information in Part A of Form 16 and Form 26AS should match.
  • PAN card
  • Bank statement and other investment proof
  • One thing to keep in mind here is that both your PAN card and Aadhar card should be linked. Without it you cannot fill ITR.

How to fill ITR?

  • First of all you have to go to the government income tax filing portal (e-filing portal). If you have not already registered in it, you will have to do it now. Without it you cannot file ITR.
  • Now you have to select the assessment year. Here your assessment year will be 2024-25. Also, you must keep the filing mode “Online”.
  • Now click on “Start New Filing” (Start New Entry).
  • Now select ITR form. Here you will have the option whether you are filling the form for yourself or for business. Here you have to choose Individual (for yourself). After this select ITR-1 as the form type.
  • After this some options will come in which the reason for filing ITR etc. will be asked. You have to select the option according to your income and proceed further.
  • Next to this, personal information will have to be filled in which name, Aadhar card, PAN card, contact and bank account details etc. are given.
  • After this will come the section of filling income. The name of this section is Gross Total Income in which you will have to give information about all your income sources one by one. Keep in mind that this section is very important and proof of whatever income you are filling can also be asked here.
  • After giving all the information about your income, you will have to tell about your tax deduction. In this, tax details will have to be given on the basis of different sections, for example, under Section 80C, you can avail exemption of up to Rs 1.5 lakh by showing house rent and policy etc.
  • Next to this will be the tax section in which details will be given about how much tax you have paid to the government that year. Here Form 26AS will be useful.
  • Now a section will appear below this in which it will be shown how much tax you have to pay this year. It will be calculated only on the basis of the information you have filled.
  • Now you have to verify all the information and then press the submit button. Keep in mind that you submit on the same basis.

Now you have to e-verify your ITR for which you can login to your bank account or you can verify your return with Aadhar card OTP.

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