Income Tax News: Since it’s income tax return (ITR) season, taxpayers should organise themselves and make sure their financial affairs are in order. Considering July 31, 2024, is the deadline, people only have two months left to do this important task. One significant document that is in circulation is Form-16, which is issued by employers and is necessary for ITR filing.
How to File Your ITR
It might be difficult to go through the ITR filing procedure, but fear not—we’ve made it simple for you:
- Access the Income Tax e-filing Website: Begin by visiting the Income Tax e-filing portal and logging in using your PAN and password.
- Choose ‘File Income Tax Return’: Once logged in, locate and click on the option to file your income tax return.
- Select Assessment Year and Status: Choose the Assessment Year (AY) 2024–25 for the fiscal year 2023–2024 and specify if you are an individual, a Hindu Undivided Family (HUF), or fall into any other relevant category.
- Choose the Correct ITR Form: ITR forms come in seven different varieties, with Forms 1 to 4 being reserved for individuals and HUFs. Depending on your category, choose the right form.
- Provide Necessary Details: Proceed to enter all necessary data, including name, Aadhaar, PAN, and other relevant facts.
Documents Required
The filing procedure can be streamlined by assembling the required paperwork in advance. What you’ll need is as follows:
- PAN and Aadhaar card.
- Bank statements reflecting your financial transactions.
- Form-16, issued by your employer, detailing your income and tax deductions.
- Receipts for any donations made.
- Documents related to investments, insurance premiums, and home loan payments.
- Certificates or receipts indicating interest earned.
When to Seek Professional Assistance
Even though many people can file their ITRs on their own, those with complicated financial portfolios might find it helpful to work with a professional. If you have complicated financial arrangements or several sources of income, see a Chartered Accountant (CA). By ensuring precise filing, a professional can reduce the possibility of mistakes and other post-filing issues.
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