The deadline for filing income tax returns (ITR) for the financial year 2023-24 is approaching, and taxpayers should start the process to avoid last-minute hassles. Filing an ITR has become simpler with the online option available on the income tax portal.
Before you begin, ensure you have the necessary documents handy. These include your PAN and Aadhaar cards, bank statements, Form 16, donation receipts, stock trading statements from your broker, receipts for life and health insurance premiums, bank account details linked to PAN, your Aadhaar-registered mobile number for e-verifying the return, and interest certificates from banks.
Here’s a step-by-step guide to filing your ITR online:
Login to the Income Tax Portal: Visit the official Income Tax e-filing website, click ‘Login’, enter your PAN as the User ID, and proceed with your password.
File Income Tax Return: Click on the ‘e-File’ tab, select ‘Income Tax Returns,’ and choose ‘File Income Tax Return.’
Select the Right Assessment Year: For the financial year 2023-24, select ‘Assessment Year’ as ‘AY 2024-25’. Ensure you specify whether it’s an original or revised return.
Choose Your Filing Status: Select your status from the options provided. For individuals, choose ‘Individual’ and click ‘Continue’.
Choose ITR Type: Select the appropriate ITR form based on your tax situation. For example, ITR 2 is for individuals and HUFs with capital gains but no income from business or profession.
Specify the Reason for Filing: Choose the reason for filing your returns, such as having taxable income exceeding the basic exemption limit or other specific criteria.
Validate Pre-filled Information: Check and validate pre-filled information like PAN, Aadhaar, name, date of birth, contact details, and bank details. Ensure all income, exemptions, and deductions are accurately disclosed.
E-Verification: The final step is to verify your ITR within 30 days using methods like Aadhaar OTP, EVC, Net Banking, or by sending a physical copy of ITR-V to CPC, Bengaluru. Failure to e-verify nullifies the filing process.
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