Filing of Income Tax Return for F Y 2023-24

Every Individual / HUF/ AOP/ BOI (whose books of accounts not required to be audited) need to file Income Tax Return (ITR) every year before 31st July. Hence due date for filing ITR for F Y 2023-24 is 31st July 2024.

In case taxpayer could not file the return before 31st July, he/she can still file a return after the due date. But this attracts penalties and interest charges. The time allowed for the filing of a belated return is the 31st December 2024.

Process of filing of ITR (Online Filing)-

1. Visit the official e-filing portal of the Income Tax Department. 
2. You use PAN as the user ID to either register or sign in to the portal. 
3. Choose the correct ITR form or go for ITR form online. 
4. Input all the required information concerning your income, deductions and taxes paid.
5. Check and confirm the information, create the XML file, and place it on the website. 
6. You may validate your return through Aadhaar OTP, net banking, or by physically posting the signed ITR-V to the CPC Bangalore.

Filing of ITR – Step by Step 

• ITR-1 for salaried individuals

• ITR-2 for persons having income from capital gains 

• ITR-3 for professionals and business owners 

• ITR-4 for presumptive income from business or profession

Gather Required Documents: 

• • PAN card, 
  • Aadhaar card 
  • Form 16 (For the salaried employees). 
  • TDS certificates Bank and post office interest certificates 
  • Proof for deductions as allowed under section 80C, 80D, etc. 
  • Bank statements
  • Investment proofs

If you’re a new user you need to register while if you have an account you need to log in. 

1. Fill the Form: You will be asked to key in your personal details, income details and tax saving investments. 
2. Verify the details to ensure they are accurate. 
3. Compute Tax Liability: The portal or software will calculate your tax due from the information that you filled in. 
4. Pay Tax (if applicable): If any tax dues are left to be paid, use the e-payment option found in the portal. 
5. Verify Your Return: Your return can be verified through Aadhaar OTP, net banking or by filing ITR-V at CPC Bangalore.
6. Submit the Return: On verification, file your ITR. An acknowledgment will then be produced for your files.

Consequences of Missing the ITR Filing Deadline 

1. Interest (Section 234A): If you file your return after the due date, you are exposed to interest of 1% per month or a part of the month on the amount of unpaid tax until you file your return. 
2. Late Fee (Section 234F): If you fail to meet the deadline, there will be a penalty of ₹5,000. However, if the total income of the applicant is less than ₹ 5 lakh, then the late fee is charged at ₹ 1,000 only. 
3. Loss Adjustment: When you file the tax return after the due date you cannot transfer losses from stock market, mutual funds, property, business, etc. , to the subsequent years. This can lead to increased tax liability in later years. 
4. Belated Return: It remains possible to file belated taxes returns until 31st December 2024, although there are penalties for late filing such as a fee and interest charges. You will also lose the opportunity to transfer losses forward. 
5. Updated Return: Even if you fail to meet the belated return deadline, you can file an updated return till 31st March 2027 with certain conditions.
   
   Other Income Tax Filing Due Dates for FY 2023-24 (AY 2024-25)

Dipali Phadke

India Business Head

Mrs. Dipali Phadke is a qualified Chartered Accountant with more than 20+ years of experience in the field of Accounting, Taxation and Payroll. She is the backbone of Company’s Operations and heads India Business at Finsmart Accounting