What is Income Tax Deadline 2024?

Before discussing anything else, let’s talk about the Income Tax Deadline 2024 so that you can save yourself from penalties and get the benefits of timely return filing. The deadline for assessment year 2024-25 and financial year 2023-24 is July 31, 2024. Now that you know the deadline, it’s time to have a quick read of this blog on various aspects of ITR.

What is an Income Tax Return (ITR)?

The ITR, or Income Tax Return, is a form that is filed to declare the amount of the gross total income earned in a particular financial year. It is a legal document that every taxpayer must file to indicate their income, the deductions they have claimed, the exemptions they are entitled to, and the taxes they have paid.

Hence, it determines your tax liability based on the net income realized in a fiscal year. As stated in Section 2 of the Income Tax Act of 1961, it is mandatory to file a return if your income is more than 2.5 lakh per annum. Many other conditions make return filing mandatory. For that, you can talk to a tax consultant here at Tax Workers. While filing income tax returns, you must also send your due taxes to the government as per the income tax slabs.

Various Types of ITR Forms

The department has issued seven forms so far, which are:

ITR-1, or Sahaj: It is a form for people whose income is up to Rs. 50 lakh from salary, pension, or any income, including house property. However, only some people working on a salary basis can apply for this.

ITR-2: Used for resident individuals or Hindu Undivided Families (HUF) who cannot file the ITR-1 form. People who get their income from a business or profession cannot file ITR-2.

ITR-3: Applicable for those whose income is from a business, being a partner in a firm and an individual director in a company business, or HUFs. For all those entities that do not fall under ITR 1, ITR 2, and ITR 4 categories, there is ITR 3.

ITR-4 or Sugam: For all professionals, including traders, business people, and HUFs whose income is more than Rs. 50 lakh in a specific financial year. ITR-4 can be filed when the total income is from business or profession u/s 44AD, 44ADA, or 44AE, one house property, income from salary, and income from other sources.

ITR-5: This form of income tax e filing is for companies and cooperative societies, limited and unlimited firms, associations of persons, local authorities, bodies of individuals, and artificial juridical persons to use to file their income taxes.

ITR-6: This form is filed by a firm or organization only electronically and only when they do not claim an exemption under Section 11.

ITR-7: This can be filed by only those holding property for charitable or religious purposes or by political parties, colleges, universities, etc., to claim exemption.

Benefits of Filing ITR

It is a legal document that acts as proof of identity and income and is also helpful in getting an income tax refund from the department. As the income tax deadline in 2024 is approaching fast, check your eligibility and file the return.

It’s also beneficial in other aspects, such as:

Loans and Credit Cards: Banks use ITRs to process loans and credit cards.

Visa Processing: In some countries, submitting copies of the ITR is essential for visa purposes.

Financial Transparency: It gives every detail about the financial condition, clearly showing a person’s wealth.

Carry Forward Losses: The current year’s losses can be offset against future income.

How to File ITR?

You can do free income tax filing both online and offline at your convenience; here, we will discuss both:

Online:
Step 1: Visit the official site for income tax e-filing and log in by entering your PAN in the user ID section. If you don’t have an account, create one.
Step 2: Go to the “e-File” tab and click on Income Tax Returns, then click “File Income Tax Returns.”.
Step 3: Select the correct “Assessment Year” and the mode of filing as “online”.
Step 4: Select the applicable filing status among individuals, HUFs, or others and click Continue.
Step 5: Select the correct ITR type, as you are eligible for 7 types.
Step 6: Choose the specific reason for filing your return that suits your situation and continue.
Step 7: Provide your personal and bank account details, along with your PAN, Aadhaar, etc. Before proceeding, validate your details carefully.
Step 8: Verify your return within 30 days. You can e-verify via Aadhaar OTP, electronic verification code (EVC), and many more. Make sure to file, and verify the return before the income tax deadline 2024, 31st July 2024

Offline:
1: Visit “www.incometaxindia.gov.in” and download the ITR form in Excel or Java utility format.
2: Fill out the ITR form by providing accurate information about your personal details, income, deductions, and tax liability as instructed.
3: Get all the supporting documents.
4: Pay all the due taxes before proceeding.
5: Review and validate the form.
6: Create a JSON file using the utility provided. Then save this file on your computer.
7: Upload the JSON file and submit it.
8: Take a printout of the form and submit it to the nearest Income Tax Office for verification.

Documents Required to File ITR

PAN Card: Permanent Account Number (PAN).
Aadhaar Card: Mentioning the Aadhaar number when filing the return is mandatory.
Form 16: This is issued by the employer, where FORM 16 grants details of the salary and taxes deducted at source (TDS).
Form 26AS: This includes the consolidated statement of tax.
Bank Statements: This includes further elaboration of interest income.
Investment Proofs: This document is beneficial for claiming deductions.
Home Loan Statements: For demanding interest and the principal amount to be paid.
Capital Gains Statements: Concerning the assessment of income from the sale of assets.

How Can You File ITR Online for Free?

Many platforms can help you file the ITR for free:

1: e-filing portal of the Income Tax Department: It’s an official website of the Income Tax Department that is free to all taxpayers.

2: ClearTax is fast, safe, and easy to use for ITR filing. It is accessible only for simple return filing.

3: myITreturn: It has opened the option of free filing for basic returns and is trusted by over 2 million registered users.

Income Tax Deadline 2024 for Filing Returns- More Details

The penalty for income below Rs. 5 lakh before July 31 is nil. But from September 1 to December 31, it is Rs. 1,000 and remains the same during the period from January 1 to March 31. The penalty for income above Rs. 5 lakh before July 31 is nil. But from September 1 to December 31, it is Rs. 5,000, and it increased during the due date from January 1 to March 31 to Rs. 10,000.

Why is it necessary to File an ITR Before Income Tax Deadline 2024?
The income tax slab rates are predetermined, so if a return is filed late, not only are late filing fees charged, but one is also less likely to get a loan or visa for travel.

Depending on the type of taxpayer, the deadline for filing income tax return may also vary in the following ways:

For Individuals and HUFs, the due date is usually July 31 of the assessment year.
For businesses requiring audits, the deadline is the memorable date of October 31 of the assessment year.
The return must be filed for businesses requiring TP reports by November 30 of the assessment year.
Failure to meet these dates attracts penalties and interest on the indicated taxes. “According to Section 234F of the Income Tax Act, late filing of an ITR can result in a penalty amount up to Rs 10,000,” because of which it is important to file on or before time.

Conclusion

Income tax filing is simple yet complicated. So it’s always better to have a talk with tax consultants. The income tax deadline 2024 is approaching fast. Here, you can seek help from Tax Workers. We’re an all-in-one platform for professionals to enlist time, companies to hire, job aspirants to search for jobs, and much more.

FAQs

Can I file the ITR after the due date?
Yes. You can file your ITR even if it is past the due date. However, it will be considered a late tax filing, and you will need to pay an extra penalty ranging from Rs. 1,000 to Rs. 10,000.

What is the minimum salary required to pay income tax?
All HUFs and individuals below 60 must pay income tax if their minimum yearly salary is Rs. 2.5 lakh or more. For companies earning five lakhs or more, it was proposed that income tax be collected under the old regime. For senior citizens, this amount is Rs. 3,00,000 for one financial year.

Can I file the returns without Form 16?
Yes, filing of returns can be done without Form 16. However, you must take other necessary documents, like Form 26AS, payslips, and investment proofs.

Can I get a tax deduction on donations I make to a charity?
Yes, whoever has donated their money to a charitable institution is eligible for this tax deduction under Section 80G of the Act.