ITR: Filing ITR..? You have to know about these five.. | Telugu News


How To File Itr Online Step By Step

ITR: The financial year 2023-24 ended exactly 45 days ago. July 31 is the minimum deadline for filing Income Tax Return (ITR). Later ITR can be filed. But is it better to do it before the deadline?

1. Forms Released : Income Tax Department has released all the relevant ITR forms. It also allowed to fill them online. There is an e-filing setup provision that you can download to your computer. It allows you to download pre-populated data.

The e-filing utility that you can download to your computer gives you three download options.

A. Download the pre-filled data
B. Download the pre-filled data
C. Download the filled draft ITR in online mode as shown in the image

2. Choose the form carefully: Care is essential in the selection of income tax form. For example, ITR-1 is meant for taxpayers whose total income is up to ₹ 5,000 from salaries, a house property, other resources, agricultural income. If you fill another form instead of that form, there will be difficulties. If your income comes from profits in business or profession, you should opt for ITR-3.

Additionally, if you are in business or profession and your income up to ₹ 50 lakh is calculated under presumptive tax provisions of 44AD, 44ADA or 44AE, you should opt for Form ITR-4.

3. Tax system: If you want to get some exemptions which are not available in the new tax system, you have to choose the old tax system. Since the new tax is the default mode, you will have to opt for the old mode if you want to pay tax under those rules.

4. Calculator: You can also use the Income Tax Calculator on the Income Tax Department website to calculate your tax based on the latest rules. This is available on the department site itself.

5. Exemptions: Another important feature for taxpayers to keep in mind is that they can avail income tax exemptions only if they invest in tax saving instruments by March 31, 2024.

Any investment made after the deadline while filing income tax return for the financial year 2023-24 will not be eligible for exemptions.

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