Income Tax Return Filing 2024 : Feeling Hesitated, Know How you can easily File ITR

Income Tax Return Filing 2024 : The last Date to File income Tax Return is  31 July. Here's an quickly Guide to How you can easily File ITR ?

Income tax Returns Filing date of FY24-25 is already approaching and if you are an earning Individual and wanna File ITR buy feeling a little hesitant in filing income tax then you must read this latest update of In-depth ITR filing. 

So Lets Start

So first of all you need to know whether you are liable to file income tax or not. The answer to this is that everyone can file ITR no matter how low their income is. But if your annual income is more than 6 lakhs then it is mandatory for you to file ITR.

Crucial Documents for ITR Filing 

Aadhaar card 

Aadhaar card is the most crucial document at the time of filling the form. All the details of Aadhaar card are necessary for other filing.

PAN card 

After this comes PAN card. PAN card is very mandatory for TDS deduction. Your PAN should be directly linked to your bank so that if there is any TDS deduction then it will be deducted directly from your bank. According to the latest Government Amendment, if an individual does not have PAN, he can continue filing ITR through Aadhaar Card also.

Form 16A / Form 16B / Form 16 C 

It is Issued on or before 15 June. Form 16A, 16B or 16C is required for all TDS deductions. As we talk about Form 16A, Form 16A is required to take deduction from your different bank accounts like Fixed Deposit, Recurring deposit account. 16A is issued by the contractor, bank or employer. In 16B, if you have sold any property then its deduction is given, 16B is issued by the buyers. Form 16C is mainly mandatory for Hindu Undivided Family Members.

Form 26AS 

Form 26AS is issued by the Income Tax Department. It contains the details of all High Value Transactions of Tax Payers such as Purchase of Immovable Property, Comprehensive Record of Investment in Mutual Funds or Real Estate or Details of Applicable Tax Deduction.

Annual Information System (AIS) and Taxpayer Information Summary (TIS) 

AIS and TIS is not only required while filing income tax but it is very mandatory to trace your income tax payment and check the status of your refund. AIS is a kind of Reconciled Documents to verify your payment and tax. On the other hand with TIS you can check your payment and.refund status. Besides this, TIS gives you a complete overview of your ITR which you can view and download.

Salary slip 

Salary Slip is a slip which the employer gives to his employee. It contains important information about the employee including annual salary breakdown, Allowance, Basic pay, Deduction or Net Pay. It works for transparency between Employer or Employee or is very helpful in your accurate tax filing.

Bank Account Details 

At the time of filing Income Tax Return, you have to give disclosure of all your bank accounts which includes bank name, account number, IFSC code and many other details. These details are easily available in your passbook and bank cheque. And from among these various bank accounts, you have to choose a bank account in which in future if you have a chance of getting tax refund then you will get tax refund in your pre-selected account.

Compute Incomes 

In income, whether you are receiving rent, interest from Mutual Funds or anything else, you will have to keep the details of all these while filing ITR along with the documents.

Which Income Tax Return ITR to File ? 

After this you have to choose which document you have to file, according to the new amendment there are total 7 file types, out of which you choose the applicable one.

ITR-1 : ITR-1 can be filed by individuals whose annual income is Rs 50 lakh or less. ITR-1 cannot be filed.

ITR-2 : Members of Hindu Undivided Family file ITR 2. Individual whose Income is the form of salary, House Property, Pension, Lottery, Individual Director Company are eligible to file ITR-2.

ITR-3 : Taxpayers whose income comes from business profession or as a partner in a firm or company file Part-3.

ITR-4 : Salaried person, Professional and Hindu Undivided Family members are eligible to File ITR-4 Only if their Annual Income Is More than 50 lac.

ITR-5 : Individuals who earn income from a medium like Limited Liability Partnership LLP, Body of Individual BOIs, Artificial Juridical Person AJP, Business trust or investment fund file ITR-5.

ITR-6 : ITR-6 is for Companies only which are registered under the Companies Act 2013 and the Prior Companies Act 1956. 

ITR-7 : Individual or taxpayers who Comes in the Category of Trust,  Company, Firm , Local Authority or Association of Authority Can File ITR-7. 

After this take all your applicable deductions and file your ITR form. Make sure all your details are accurate and then submit the form.

Make sure to Verify your ITR 

After this, do not forget to E-verify within 30 days of payment. You can verify this through Aadhaar OTP, EVC Electronic Verification Code. After verification, examine the ITR-V carefully and save the receipt for future reference. 

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