The tax season is officially here, and before you file your Income Tax Return for the Assessment Year (AY) 2024–25, it is vital to ensure you have all necessary documents and information ready at your disposal. If this is your first time filing ITR, use our ultimate checklist for filing ITR for AY 2024–25.
A. Accumulate all necessary documents and information.
B. Select the correct ITR form based on your residential status, income sources,and other criteria.
C. Fill out the ITR form carefully, and make sure all the details are accurate.
D.Make sure to calculate your tax liability accurately, and don’t forget to mention all sources of income and the applicable deductions.
E. To reduce your taxable income, claim eligible deductions.
F. Cross-check the details in the ITR form before submission.
G.Submit the Income Tax Returns on the Income Tax Department’s e-filing portal.
H.E-Verify your return through the Aadhar OTP or through the bank to complete the process.
| Category | Due Date |
|---|---|
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For individuals, HUFs, BOIs, and AOPs (whose accounts are not required to be audited)
|
July 31, 2024.
|
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For businesses requiring audit |
October 31, 2024. |
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For businesses requiring transfer pricing reports:
|
November 30, 2024
|
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For filing revised returns |
December 31, 2024 |
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For filing belated/late returns: |
December 31, 2024 |
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For filing updated returns |
March 31, 2027 (two years from the end of the relevant Assessment Year.)
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Remember that if you miss the initial due date of July 31, 2024, you can file a belated return before December 31, 2024, but it may involve a penalty or interest charges under Section 234A or Section 234F.
When filing your Income Tax Return, it is vital to take the necessary precautions to ensure accuracy and compliance with tax laws. Some of the most important factors to remember to avoid unnecessary pitfalls or actions.
1.Verify your Personal Information: Double-check your PAN, Aadhaar, and bank account details to ensure they are correctly mentioned.
2.Select the Appropriate ITR Form: Select the most suitable ITR form based on your sources of income and financial transactions.
3.Report All Income Sources: Include all taxable incomes like salary, interest, dividends, capital gains, and income from house property.
4.Claim Eligible Deductions: Claim all the deductions you are eligible for under sections like 80C, 80D, etc. to reduce your taxable income.
5.Check Tax Credit statements (Form 26AS): Cross-verify your tax credit statement, and make sure that the TDS and advance tax payments reflected in Form 26AS match the details in your ITR.
6.Disclose Foreign Assets: Disclose any foreign assets or income from abroad.
7.E-File Before the Due Date: Submit your ITR before the due date to avoid any last-minute technical glitches and potential penalties.
8.Keep your Documents ready: While documents are not actually required to be attached to the e-filed ITR, keep them ready for any queries from the Income Tax Department.
9.E-Verify Your Return: After filing,you need to e-verify your return through net banking, Aadhaar OTP, or EVC generated through a bank account or Demat account.
10.Seek professional help if necessary. If you’re unsure about any aspect of your ITR filing process, consider consulting a tax professional.
Don’t let the tax season get to you and intimidate you! We hope this guide can help you be better prepared, and you can start filing it on your own.
Remember, filing ITR accurately and timely is not just an obligation; it is our duty, and it has several benefits too.
