With the deadline to file income tax returns (ITR) closing in, the taxmen have urged taxpayers to avoid last-minute rush, in case they need to make corrections or if there are technical glitches in filing the returns.
When is the deadline for ITR filing?
July 31 is the final date to file ITR. If you fail to file your returns by this date, then you can still file ITR but with a fine payment of Rs 5,000.
How to file ITR?
You can file your returns on the income tax department webiste or third-party websites/apps. You can also do the same with the help of chartered accountants.
If you are filing on the IT e-filing portal, follow these steps:
- Go to e-filing portal
- Enter PAN, password and captcha to log in
- Click 'Income Tax Return' tab under 'E-File' section
- Select the status whether Individual, Hindu Undivided Family (HUF), or Firm/ LPP.
- Select the relevant ITR form as per your income slab
- Select Assessment Year 2023-24
- Validate the summary of tax computation and click submit
- E-verify using Aadhaar OTP, EVC through bank ATM, pre-validated bank account or pre-validated Demat account
- Click Submit to upload the ITR
- Check the income tax acknowledgement on your email address
Which ITR form to choose?
The ITR forms help the taxpayers inform the income tax department about their income earned and the applicable tax. There are seven forms in total from ITR 1 to ITR 7. Your source of income, amount of income and whether your are an individual or a company etc decides which form to choose.
ITR-1
If you are a salaried individual with a total income of less than Rs 50 lakh, agricultural income up to Rs 5,000, and ownership of only one house property, you should choose ITR-1
ITR-2
If your income exceeds Rs 50 lakh, you have capital gains, owns more than one house, earn foreign income, own foreign asset, earn income via crypto, hold directorship in a company or hold unlisted equity shares, ITR-2 is applicable for you.
ITR-3
If you have business income, including trading on stock exchanges in cash or futures and options besides every income under ITR-2 should use ITR-3.
ITR-4
Resident individuals and Hindu Undivided Famillies earning total income under Rs 50 lakh besides every income under ITR-1 should use ITR-4.
ITR-5
ITR-5 is applicable to companies, LLPs, AOPs and BOIs.
ITR-6
Companies not claiming exemption under Section 11 should use ITR-6.
ITR-7
Individuals or companies under Section 139 4A, 4B, 4C and 4D should use ITR-7.
