Income Tax News: July 31, 2023, is the deadline for submitting Income Tax Returns (ITR) for the Fiscal Years 2023–2024 and Assessment Years 2024–2025. For this, the IT department has made online forms available. We have provided step-by-step instructions below for anyone who intend to file an ITR. You may quickly file your ITR in five minutes if you follow these instructions.
Documents Needed
- Pan Card
- Aadhar Card
- Form 16
- Donation receipts (if any)
- Investment, insurance policy payment receipts, home loan installment payment receipts
interest certificate
Here is the process
- Enter your PAN number and password to log in when you access the Income Tax e-filing website.
- You must now select “Fine Income Tax Return.”
- The assessment year must be chosen in the following step. You must choose AY 2024–25 if you are filing an ITR for FY 2023–2024.
- You will be able to select Individual, HUF, and other alternatives when you designate the filing status in the following stage. You must select “Individual” if you are filing an ITR.
- You now need to choose the ITR type. India has seven different kinds of ITR forms. ITR 1 through 4 are the forms for individuals and HUF among them.
- You will need to explain your filing reason for the ITR in the following stage. You have options here, including fulfilling certain requirements, having to file an ITR on an obligatory basis, and having taxable income over the baseline exemption. One of them must be chosen by you.
- Verifying data that has already been filed
Verify Personal Information
Numerous details are already kept, including name, date of birth, PAN, Aadhaar, contact details, and bank details. You must verify the accuracy of this data. You also need to fill out your income, exemption, and deduction details piece by piece.
Many of these fields have already been filled in; you just need to check them and update the correct information. Following this, you must verify the return summary. If any tax is due during the validation process, it must be paid.
