Important Deadlines

• Due Date for Individuals and HUFs: July 31, 2024.
• Due Date for Audit Cases: October 31, 2024.
• Due Date for Revised/Belated Return: December 31, 2024.

In India, Income Tax Returns (ITR) filing is an annual process where individuals and businesses submit their income details and tax liabilities to the Income Tax Department. For the Assessment Year (AY) 2024-25, pertaining to the Financial Year (FY) 2023-24.

Here are the general steps and some specific rules for ITR filing in 2024:

General Steps for Filing ITR

1. Determine the Applicable ITR Form:
   • ITR-1 (Sahaj): For individuals having income from salaries, one house property, other sources (interest, etc.), and having total income up to ₹50 lakh.
   • ITR-2: For individuals and HUFs not having income from business or profession.
   • ITR-3: For individuals and HUFs having income from a proprietary business or profession.
   • ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) being a resident having total income up to ₹50 lakh and having income from business and profession computed under sections 44AD, 44ADA, or 44AE.
   • ITR-5: For persons other than individuals, HUFs, companies, and persons filing Form ITR-7.
   • ITR-6: For companies other than those claiming exemption under section 11.
   • ITR-7: For persons including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), 139(4D), or 139(4E).
2. Collect Required Documents:
   • PAN Card
   • Aadhaar Card
   • Form 16 (for salaried individuals)
   • Form 26AS
   • Bank statements and passbooks
   • Interest certificates from banks and post offices
   • TDS certificates
   • Details of investments
   • Proofs of deductions under section 80C, 80D, etc.
   • Capital gains details, if any
3. Log in to the e-Filing Portal:
   • Visit the Income Tax e-Filing portal (incometaxindiaefiling.gov.in).
   • Log in using your user ID (PAN), password, and date of birth.
4. Fill in the Details:
   • Choose the appropriate ITR form.
   • Fill in the necessary details such as personal information, income details, deductions, and tax paid.
5. Validate the Form:
   • After filling in all details, validate the form to check for any errors.
6. Calculate Tax and Pay (if applicable):
   • Calculate the total tax liability.
   • Pay any remaining tax liability through the e-Pay Tax option.
7. Submit and Verify:
   • Submit the ITR form.
   • Verify your ITR through any of the available methods (Aadhaar OTP, net banking, EVC, etc.).
8. Acknowledgment:
   • Once verified, an acknowledgment (ITR-V) will be generated. Keep it for your records.

Specific Rules and Changes for AY 2024-25

1. Updated Slabs and Rates:
   • Check for any changes in the income tax slabs and rates announced in the Union Budget 2024-25.
2. New Deductions and Exemptions:
   • Be aware of any new deductions or exemptions introduced.
3. Pre-filled ITR Forms:
   • The Income Tax Department may provide pre-filled ITR forms with details like salary income, TDS, and other income. Ensure to verify and correct any discrepancies.
4. Linking PAN with Aadhaar:
   • Ensure your PAN is linked with Aadhaar. This is mandatory for filing ITR.
5. E-verification:
   • E-verification of ITR can be done through various methods, such as Aadhaar OTP, net banking, and EVC generated through bank ATM.
6. Reporting of Overseas Assets:
   • Individuals who are residents of India must report their overseas assets and income in the ITR.