Comprehensive Guide to ITR Filing for FY 2023-24 (AY 2024-25): Key Dates, Required Documents, and Step-by-Step Instructions

Guide to Income Tax Return (ITR) Filing for FY 2023-24 (AY 2024-25)

Filing your Income Tax Return (ITR) is an essential financial obligation for all taxpayers. Timely and accurate filing ensures compliance with tax laws and helps avoid penalties and legal complications. This guide provides comprehensive information on the ITR filing process, important dates, required documents, types of ITR forms, and steps to file your return for the Financial Year (FY) 2023-24, which corresponds to the Assessment Year (AY) 2024-25.

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Key Dates for ITR Filing

1. Due Date for Individual and HUF (Non-Audit Cases):
   • July 31, 2024: This is the last date for salaried individuals and Hindu Undivided Families (HUFs) who are not required to get their accounts audited.
2. Due Date for Audit Cases:
   • October 31, 2024: This deadline applies to individuals, HUFs, and companies whose accounts need to be audited.
3. Due Date for Tax Audit Report Submission:
   • September 30, 2024: The due date for filing the tax audit report for taxpayers who are required to undergo an audit.
4. Revised Return:
   • March 31, 2025: If you discover any errors or omissions in the original return, you can file a revised return by this date.
5. Belated Return:
   • December 31, 2024: If you miss the due date, you can file a belated return with a penalty by this date.

Required Documents for ITR Filing

1. PAN Card
2. Aadhaar Card
3. Form 16: Issued by employers for salaried individuals.
4. Form 26AS: Annual tax statement available on the income tax e-filing portal.
5. Bank Statements: Details of interest income from savings and fixed deposits.
6. Investment Proofs: Documents related to investments claiming tax deductions under Section 80C, 80D, etc.
7. TDS Certificates: For TDS deducted by banks, employers, and other entities.
8. Home Loan Statement: For claiming interest on home loan deductions.
9. Capital Gains Statements: For income from the sale of mutual funds, stocks, or property.
10. Other Income Details: Income from freelance work, business, or profession.

Types of ITR Forms

1. ITR-1 (Sahaj): For individuals having income up to ₹50 lakh from salary, one house property, other sources (interest, etc.), and agricultural income up to ₹5,000.
2. ITR-2: For individuals and HUFs not having income from business or profession.
3. ITR-3: For individuals and HUFs having income from a proprietary business or profession.
4. ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) with presumptive income from business or profession.
5. ITR-5: For firms, LLPs, AOPs, BOIs, and other entities.
6. ITR-6: For companies other than those claiming exemption under Section 11.
7. ITR-7: For persons including companies required to furnish returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D).

Steps to File ITR Online

1. Register on the Income Tax e-Filing Portal:
   • Visit the official website incometaxindiaefiling.gov.in.
   • Click on “Register Yourself” and complete the registration process using your PAN, name, and date of birth.
2. Login to the Portal:
   • Use your PAN as the User ID and enter your password and captcha to log in.
3. Download Form 26AS:
   • Check your Form 26AS for tax credit details to ensure all taxes deducted are credited correctly.
4. Download the Appropriate ITR Form:
   • Select the relevant ITR form based on your income sources.
5. Fill in the ITR Form:
   • Enter personal details, income details, deductions, and tax payments.
   • Ensure accuracy to avoid discrepancies.
6. Validate and Calculate Tax:
   • Use the “Validate” button to check for errors.
   • Calculate your tax liability and verify it with the tax paid.
7. Upload the ITR Form:
   • After validation, click on “Submit” to upload the filled ITR form.
   • You may need to verify the return using Aadhaar OTP, EVC (Electronic Verification Code), or by sending a signed copy of ITR-V to the Centralized Processing Center (CPC) in Bangalore.
8. Acknowledgment:
   • Once the ITR is filed successfully, an acknowledgment (ITR-V) is generated.
   • Download and keep it for your records.

Penalties for Late Filing

1. Late Filing Fee:
   • ₹5,000 if filed after the due date but before December 31, 2024.
   • ₹10,000 if filed after December 31, 2024.
   • ₹1,000 for taxpayers with a total income up to ₹5 lakh.
2. Interest on Tax Due:
   • Interest at 1% per month or part of the month under Section 234A on the unpaid tax amount from the due date until the date of filing.
3. Loss of Interest on Refund:
   • Delayed filing can lead to a loss of interest on the refund amount.

Important Tips for ITR Filing

1. Keep Records Organized: Maintain a systematic record of all income, deductions, and tax payments throughout the year.
2. Check Form 26AS Regularly: Ensure that all TDS/TCS credits are reflected correctly.
3. Seek Professional Help: If your financial situation is complex, consider consulting a tax professional.
4. Verify Income Details: Double-check all income details before filing to avoid errors.
5. Utilize Deductions and Exemptions: Make the most of all eligible deductions and exemptions to reduce your tax liability.
6. Stay Updated: Keep abreast of changes in tax laws and filing procedures.

Conclusion

Filing your ITR for FY 2023-24 (AY 2024-25) is crucial for maintaining your financial health and ensuring compliance with tax regulations. By understanding the key dates, required documents, and the step-by-step filing process, you can file your return accurately and on time. Remember, timely and accurate filing not only helps in avoiding penalties but also ensures you can carry forward losses and claim refunds efficiently. Stay informed and organized to make the ITR filing process smooth and hassle-free.