Last Date for IT Return Filing for FY 2023-2024: A Step By Step Guide - Prism
Learn how to file Income Tax Returns (ITR) online with this comprehensive guide. Follow easy steps for seamless tax filing and avoid penalties.
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Learn how to file Income Tax Returns (ITR) online with this comprehensive guide. Follow easy steps for seamless tax filing and avoid penalties.
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Income tax is one of the most significant sources of revenue generation for the government. All individuals and organizations that are earning a taxable income are obliged to pay tax to the government directly. Hence, Income tax is classified as a direct tax.
An income tax return (ITR) is a document or a form that is used by individuals and businesses to report their annual deductions, income, and other tax liabilities. Through ITR, we can provide comprehensive and clear information about our financial transactions, deductions, etc. to the tax authorities. By doing so, tax authorities will be able to assess and collect taxes effectively.
The government has made filing of income tax returns on time a legal obligation. All individuals and businesses should file their ITRs within the prescribed timelines to maintain compliance with tax laws and avoid late filing penalties.
The last date for income tax e-filing for firms and other HUFs is 31st July 2024 for the financial year 2023 - 2024. The due dates for ITR filing in India for various categories of taxpayers are as follows.
| Category of Taxpayer | Due Date |
|---|---|
| Individuals, AOP, BOI, and HUF | 31-07-2024 |
| Businesses (Tax audit applicable or not) | 31-10-2024 |
| Businesses for whom tax audit is applicable | 31-10-2024 |
| Partner of the firm | 31-10-2024 |
| Audit Returns are required for assessments under Section 92E | 30-11-2024 |
| Assesses who are not required to get his Accounts Audit | 31-07-2024 |
| Belated Return / Revised Return | 31-12-2024 |
| Updated Return | 31-03-2026 |
You can now file your ITR online through the New Income Tax portal. The new income tax portal has now come with multiple features that will make the ITR Filing process easy for users. Here’s how to file your Income Tax Return online.
● Step 1: Visit the official website of Income tax e-filing. Log in with your credentials.
● Step 2: Click on the E-File tab and select the File Income Tax Return option from the menu.
● Step 3: Select the Assessment Year along with the Mode of Filing. For the mode of filing, you have two options - Online and offline. Select the appropriate one and click on the continue button.
● Step 4: You have to select the status applicable to you, whether it is individual or HUF or Others. Click on the continue button.
● Step 5: Choose the ITR Form applicable to you. If you are not sure of which ITR Form you need to select, you may consider consulting any online tax consultant who can help you with the tax filing process.
● Step 6: In the next step, you need to select the reason for filing an ITR.
● Step 7: Provide valid bank account details.
● Step 8: The portal will redirect you to a new page containing pre-filled information. Verify the correctness and authenticity of the details and provide confirmation.
● Step 9: This is the last step of your tax filing process. Submit hard copies of your returns to the Income tax department. This verification is a mandatory step.
We tend to make a lot of mistakes while filing income tax returns, particularly if we are doing it for the first time.
Here are a few mistakes you need to avoid during Income tax E-Filing.
ITR Forms vary for all taxpayers. ITR-1 is applicable for salaried individuals with an annual income of up to 50 lakhs. ITR-2 is applicable for HUFs and individuals who do not have any income from a profession or business. ITR - 3 is applicable for professionals and businessmen whereas ITR - 4 is applicable for freelancers.
Make sure to select the right assessment year.
Make sure you are declaring all your bank accounts. Also, you need to choose the bank account in which you want the refund to be credited.
If you are looking for a way to file your income tax return seamlessly with simple and easy steps, we have a recommendation for you. Prism is a software provided by Vider that will help you streamline your Income tax filing process, maximize your tax savings, and enable you to stay in compliance with tax laws.
In addition to this, the expert professionals of Prism will be there to guide you throughout the process of ITR filing. For more information, you can reach out to Vider by visiting their official website.