Income Tax Returns (ITR) Filing: It is the annual tax season again in India, as we bring you all the details you need to know to file your income tax returns — including the deadline, penalty for missing the deadline, common mistakes to avoid and more. Take a look.
When Is The Last Day To File ITR?
The last date for filing income tax returns for FY23-24 (Assessment Year 2024-25) is July 31, 2024. That is the end of this month.
What If You Miss The Deadline?
Taxpayers who miss the July 31 deadline can still file a delayed return by December 31, 2024, for FY23-24 / AY24-25.
What is the penalty for missing deadline?
While you are allowed to file delayed ITR till the year-end, please note that these filings will attract penalties between ₹1,000 and ₹10,000 depending on the duration of delay.
Also, the more you delay your ITR filing, such returns may lose out on certain deductions for lower tax, and would likely be subject to increased scrutiny from the Income Tax Department.
Who is required to file ITR?
- You are required to file your ITR if the aggregate of all your income / salary before deduction exceeds the basic exemption limit.
- You must file ITR if you are a resident of India for income tax purposes and own any asset outside India in your name as a beneficial owner or have an interest in any asset outside India.
- You must also file your ITR even when you are an authorised signatory for any account maintained outside India, immovable or movable.
- You are required to file ITR, irrespective of your income level, if you have invested in shares, bonds, or mutual fund schemes of foreign companies or have Employee Stock Options (ESOPS).
- You have to file an ITR if you have paid electricity charges of more than rs 1 lakh during the last year, even if the electricity connection is not in your name.
- You must file your ITR if you have spent over ₹2 lakhs on foreign travel — yours or any other person, as long as you have paid for the trip.
- You are requried to file ITR if bank deposits in your name exceed ₹50 lakh combined in one or more savings accounts, or exceeds rs 1 crore in one or more current accounts.
- You are required to file ITR, irrespective of your income level, if the value of all your sales from business exceeds ₹60 lakh rupees.
What Are The Correct ITR Forms To Fill?
The I-T Department released the online and offline ITR forms for FY24 in April. Here’s how to choose the correct form as per the right criteria.
- Choose ITR-1 form: For individuals with income from salary, one house property, and other sources.
- Choose ITR-2 form: For individuals and HUFs without business income.
- Choose ITR-3 form: For individuals and HUFs with income from business or profession.
- Choose ITR-4 form: For presumptive income from business or profession.
What Documents Do You Need To File ITR?
Before filing your ITR keep the following documents ready as applicable: Form 16 (from current employer and former employer if you changed jobs mid-year), PAN Card, Aadhaar Card (PAN-Aadhaar must be linked), investment proofs (including bank deposits, PPF deposits, etc.), home loan interest certificate, and insurance premium payment receipts.
Source by: livemint
