Deadline Nears for Income Tax Return Filing: Here’s How to Do It Efficiently

The deadline for filing Income Tax Returns for the financial year 2023-24 is quickly approaching, with July 31, 2024, marking the final date for submission. Failure to meet this deadline can result in penalties. It is crucial for individuals to file their ITR accurately and efficiently to ensure compliance and potential refunds.

Registering on the e-filing portal is an essential step for first-time taxpayers. By following the simple registration process, individuals can gain access to various tax-related services. This includes validating their PAN, entering basic details, providing contact information, verifying OTPs, setting a password, and creating a personalized message for their account.

Filing an Income Tax Return online is a streamlined process that can be done through the e-filing portal. Taxpayers need to log in, enter required details, select the appropriate ITR form based on their status, review the information provided, compute the tax summary, validate the return, and finally submit the ITR for processing.

It is important for taxpayers to gather all necessary documents before initiating the filing process. These documents include Form 16 from current and previous employers, PAN Card, Aadhaar Card (ensuring it’s linked with PAN), investment proofs such as bank deposits and PPF deposits, home loan interest certificates, and receipts for insurance premium payments.

If individuals miss the July 31 deadline, they can still file their ITR by December 31, 2024, albeit incurring penalties based on the delay duration. Additionally, late filings may lead to the loss of certain deductions and increased scrutiny from the Income Tax Department. Ensuring timely and accurate filing is crucial for maintaining financial records and avoiding unnecessary fines.