Income Tax Filing for FY 2034-24

Income tax filing is a critical financial responsibility for every individual and entity in India. The process ensures compliance with tax laws and contributes to the nation’s development. For the financial year (FY) 2023-24, the last date to file your Income tax return (ITR) is 31 July 2024. This comprehensive guide will provide you with detailed insights on how to file your income tax return, the documents required, the benefits of timely filing, and much more. We will also address common questions related to income tax filing.

Filing your income tax return is not just a legal obligation but also a way to ensure that you have accurately reported your income and paid the appropriate amount of tax. The deadline for filing the ITR for FY 2023-24 is 31 July 2024. Filing your return on time helps avoid penalties and interest charges, and it also has several other benefits.

1. Legal Compliance: It is mandatory for individuals and businesses earning above a certain income threshold to file ITR.
2. Avoid Penalties: Late filing of returns attracts penalties and interest charges.
3. Claim Refunds: If excess tax has been deducted, filing an ITR is necessary to claim a refund.
4. Loan Approvals: ITR is often required when applying for loans and credit cards.
5. Visa Applications: Consulates may require ITR documents for visa processing.

• Financial Year: 1 April 2023 to 31 March 2024
• Assessment Year: 2024-2025
• Due Date for Filing ITR: 31 July 2024

Ensure you have the following documents ready:

• PAN card
• Aadhaar card
• Bank statements
• Form 16/16A/16B/16C
• Form 26AS
• Salary slips
• Investment proofs
• Deduction proofs (Section 80C, 80D, etc.)
• Home loan interest certificate
• TDS certificates

• Visit the official Income Tax e-Filing Portal or File though our Website
• Register using your PAN, which will be your User ID.
• If already registered, log in with your User ID and password.

• Select the appropriate ITR form based on your income sources.
• Download the form or use the online filing option.

• Enter your personal information such as name, PAN, and address.
• Provide income details from all sources: salary, business, capital gains, etc.
• Declare exempted income and claim deductions.
• Compute your tax liability.

• Validate all the entered information.
• Use the pre-fill option to auto-populate certain fields.
• Cross-check the details with Form 26AS.

• Pay any outstanding tax liability using the e-payment option.
• Submit the ITR form online.
• Verify the return using Aadhaar OTP, EVC (Electronic Verification Code), or by sending a signed ITR-V to the CPC, Bengaluru.

• Avoid Penalties: Late filing can result in a penalty of up to INR 10,000.
• Interest Savings: Avoid interest on late tax payments.
• Faster Refunds: Early filers often receive refunds faster.
• Loan Processing: Timely filed ITR helps in smooth loan processing.
• Avoid Scrutiny: Timely and accurate filing reduces the chances of scrutiny from tax authorities.

• Incorrect PAN: Ensure the PAN number is correctly entered.
• Mismatch with Form 26AS: Reconcile your income and TDS with Form 26AS.
• Ignoring Exempt Income: Declare exempt income to avoid discrepancies.
• Not Claiming Deductions: Utilize all eligible deductions to reduce tax liability.
• Incorrect Bank Details: Provide correct bank details for refund processing.

1. What is the last date for filing the ITR for FY 2023-24?

The last date for filing the ITR for FY 2023-24 is 31 July 2024.

2. Can the deadline be extended?

The government may extend the deadline under special circumstances, but it’s advisable to file by 31 July to avoid penalties.

3. What happens if I miss the deadline?

Late filing attracts a penalty of up to INR 10,000, along with interest on the unpaid tax amount.

4. Which ITR form should I use?

The ITR form depends on your income sources. For instance, ITR-1 is for salaried individuals, while ITR-3 is for individuals having income from business or profession.

5. How can I verify my ITR?

You can verify your ITR electronically using Aadhaar OTP, EVC, or by sending a signed ITR-V to the CPC, Bengaluru.

6. What documents are required for filing ITR?

Key documents include PAN, Aadhaar, bank statements, Form 16, Form 26AS, investment proofs, and deduction proofs.

7. Can I file ITR without Form 16?

Yes, you can file ITR without Form 16 by using salary slips and Form 26AS to compute your income and TDS.

8. How do I claim a refund?

If excess tax has been deducted, you can claim a refund by filing your ITR. The refund amount will be credited to your bank account after processing.

9. What is Form 26AS?

Form 26AS is a consolidated tax statement that shows the tax deducted at source (TDS), advance tax paid, and self-assessment tax paid.

10. Can I revise my ITR after filing?

Yes, you can revise your ITR before the end of the relevant assessment year if you discover any errors or omissions.

Filing your Income tax return for FY 2023-24 by the due date of 31 July 2024 is crucial for maintaining financial compliance and availing the benefits of timely filing. This guide provides a comprehensive overview of the process, from gathering necessary documents to submitting and verifying your return. By following the outlined steps and avoiding common mistakes, you can ensure a smooth and accurate filing experience. Remember, timely filing not only helps in avoiding penalties but also aids in faster processing of refunds and better financial planning.