Tuesday, April 23, 2024

Filing ITR for AY 2024-25: Ensure Smooth Process and Avoid Penalties with These Essential Tips

How to file ITR for FY 2023-24: The time has come for the taxpayers of the country to file income tax returns. Soon you have to submit your ITR (Income Tax Return) for the financial year 2023-24 (AY2024-25) on the e-filing portal. But for this you will have to take some precautions, so that you do not miss any due date. Or your tax refund may be missed due to any mistake of yours. So let us know 10 important things which will make ITR filing easy for you this time.

1. What are the benefits of filing ITR?

Firstly, it is your duty to file tax returns and through this you become a participant in the development of the country. Second, it builds your financial credit and you can avail many benefits.

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2. If you do not file returns, will you be penalized?

If you do not pay your tax before the due date, you may have to pay late fees up to Rs 5,000. Whereas, if your total income is not more than Rs 5 lakh then you will have to pay only Rs 1,000.

3. Can returns be filed even after the due date?

If a return is not filed before the due date, it is called a belated return. You can file belated return, but it must be filed 3 months before the end of the relevant assessment year or before the end of assessment (whichever comes first). However, you have to pay late fees on belated returns. You can also file updated returns. This can be deposited within 24 months of the end of the relevant assessment year.

4. If you are not obliged to file your return and you are filing late, will you be charged late fee?

No, if you do not fall in the taxable income category and are voluntarily filing ITR after the due date, then you will not be penalized.

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5. Can PAN be used instead of Aadhaar or instead of Aadhaar for filing ITR?

Yes, as per the existing provisions, you can use both PAN and Aadhaar interchangeably while filing your income tax return. That means you can use Aadhaar instead of PAN or PAN instead of Aadhaar.

6. Do you have to provide documents while filing ITR?

You do not need to provide documents at the time of tax return filing itself. However, if there is any kind of investigation, then you will have to provide documents related to income and investment proof, tax statement and finally personal details.

7. Can I file ITR without Form 16?

Form 16 is a necessary form for salaried professionals to file ITR, which contains complete information about the employee’s salary. Earlier, taxpayers used to face difficulties in filing taxes without Form 16. But now they can file ITR even without reference to Form 16.

8. What documents are required to file ITR for agricultural income?

No document will be required to file ITR on agricultural income. Yes, but if the income earned from farming falls in the exempt category, then you will have to give its details in Schedule EI (Exempt Income) in the ITR form.

9. Do you have to provide any document when filing income tax return under section 80DD?

No. You do not need to provide any document while filing income tax return. If there is any disability or severe disability certificate, then you have to give it only when the Income Tax Department itself asks for this proof from you.

10. Is it necessary to file ITR if you have suffered loss this year?

If you have suffered a loss in this financial year, you can adjust this loss by carrying it forward with the next year’s profit. For this, you will have to claim loss while filing ITR before the due date.

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