Income Tax News: It’s now just two days before the last date for filing of ITR for financial year 2023-24. If you fall in the category of taxpayers who are salaried or in any other occupation, where it is not mandatory to get audited accounts made, then your date for filing the tax return and related information is today, that is, July 31, 2024. The Income Tax Department has been reminding all taxpayers to make the last-minute filing to avoid any penalty and legal action.
Why Filing on Time is Important
Filing one’s ITR on time saves one from penalty and interest charges. Whether late by a day, a month, or a year, these can result in fines, interest on unpaid taxes, or worse, filing a criminal case. By filing on time, the taxpayer would be at one’s peace since it surely shows compliance with the tax laws and would avoid unnecessary problems that might crop up.
How to File Your ITR
Step by step on how to file your ITR:
Collect Documents: Just make sure you have the relevant documents, including Form 16 for salaried employees, Form 26AS as the tax credit statement, bank statements, proofs of investments, and other income documents.
Register or Log In: Use your PAN and password to log in to the e-Filing portal of the Income Tax Department. In case you do not have an account, please register.
Choose the correct form: Choose appropriately according to your income kind and category. For most employed people, this will be in the form of ITR-1 Sahaj.
Fill in the details: Fill in the required personal information, information on income, information with regards to income deductions, and taxes paid. All the information has to be correct and tally with your documents.
Prepare and Validate: Fill in the form, check the details, and validate. Upon properly filling the form, click on the e-file option and continue with the e-verification through an Aadhaar OTP, net banking, or any other concerned modes.
Acknowledgment: An acknowledgment receipt will be received after that. This has to be saved for future reference.
Common Errors To Be Prevented
Wrong Selection of Form: Selection of the wrong ITR form is most likely to reject or levy a penalty. Make sure you are selecting the correct form based on your income and tax situation.
Errors in Income Details: The details of all incomes should be stated with correctness. The discrepancies will lead to notices and penalties.
Missed Deductions and Exemptions: This would bring in losses in the form of more taxes. Look for all likely deductions and exemptions.
Incorrect Personal Information: Always check and enter all details such as PAN, address, and bank details accurately. Errors made here will lead to delays in your return being processed.
Not Verified: Once the ITR is uploaded, it requires verification. Unverified returns will not be valid returns and would be subject to penalties. Opt for e-verification for quick, safe verification.
Not Checking for Errors: Go through the whole form before making final submissions to check for errors or omissions. Careful scrutiny may very well bring to light some mistakes that would have otherwise gone unnoticed.
Chances of Deadline Getting Extended
The last date for filing of ITR for 2023–2024 is today. Chances of this deadline getting extended from July 31, 2024, are almost nil. The deadline would not be extended, the Income Tax Department has said, despite pleas for one from a number of quarters. More than 6 crore returns have thereby been completed, and the taxpayer is requested to complete their submissions at the earliest for compliance and to avoid a penal consequence.