ITR NEWS: The last date for filing income tax return for the financial year 2023-24, July 31, is now slowly approaching. If you have not filed your ITR yet, then hurry up, so that there is no problem later.
Most of the people filing personal income tax returns have received Form-16. In such a situation, the advice of most experts is to change the habit of filing ITR at the last minute to avoid mistakes. Like last time, this time too the chances of extending the last date for filing ITR are negligible.
You can file your ITR through your CA, lawyer or yourself. If you want to file your ITR online through the Income Tax website, then through this news Live Mint is telling you the step by step process …
Keep these documents ready before filing ITR
Form 16
Form 16A
Form 26AS
Capital Gains Statements
Proof of tax saving investments
Now follow these steps
STEP 1: Login to the Income Tax Department portal to file income tax return online.
STEP 2: Go to e-File menu and select Income Tax Return.
STEP 3: Select the ITR form based on your income (ITR-1 or ITR-2 if you have Form 16). Select Assessment Year (AY) 2023-24.
STEP 4: Verify all the data entered in the form and submit it.
STEP 5: After submission, e-verify your return using Aadhaar OTP or other available options.
STEP 6: Upload and verify your return.
Who should file ITR?
If your total income before deductions under sections like 80C, 80CCC, 80CCD, 80D, 80E, 80G, 80GGA, 80TTA/80TTB exceeds the basic exemption limit, you need to file your income tax return (ITR). Also, as a resident of India, if you own any property outside India as a beneficiary, you need to file ITR.
Apart from this, it is mandatory to file ITR if you have deposited more than a certain limit in your bank accounts. For current accounts, this limit is Rs 1 crore in total, while for savings bank accounts it is Rs 50 lakh in one or more accounts.
