New Delhi18 minutes ago
- copy link
The deadline for filing income tax is over. More than 7 crore ITRs have been filed so far for the financial year 2023-24. More than 50 lakh ITRs have been filed till 7 pm on the last day i.e. 31 July 2024.
Those who have not filed ITR yet will now have to pay late fees for filing ITR. If the annual income of an individual taxpayer is more than Rs 5 lakh, then the fee will be Rs 5,000. If the income is less than Rs 5 lakh, then the fee will be Rs 1,000.
There are two types of regimes for filing ITR: old and new
Taxpayers have two options to file income tax returns. If you choose the first or the old tax regime, only your income up to Rs 2.5 lakh will be tax free. However, under section 87A of the Income Tax Act, you can save tax on income up to Rs 5 lakh.
On choosing the new tax regime, you will not have to pay tax on income up to Rs 3 lakh. In this also, under section 87A of the Income Tax Act, salaried persons can get tax exemption on income up to Rs 7.5 lakh and other people can get tax exemption on income up to Rs 7 lakh.
Understand how to file income tax return in 6 steps
- To file income tax return, first go to the official website of Income Tax Department https://eportal.incometax.gov.in/iec/foservices/#/login Go to.
- Enter the user ID and then click on Continue. Enter your password and login. If you do not remember the password, you can create a new password through Forgot Password.
- After logging in, a page will open where you click on e-file. Select File Income Tax Return option. Select Assessment Year 2023-24 and proceed.
- You will get the option for Online and Offline. Select Online in this. Now choose the option from ITR-1 or ITR-4 as per your category and proceed further.
- If you are salaried then select ITR-1. The form will be downloaded on your system. Then go to ‘Filing Type’ and select 139(1)- Original Return.
- In this way your return will be filed within a few minutes and now you can do E-Verification to verify your return.
ITR verification is necessary, otherwise ITR will not be legal
After submitting the income tax return, it is necessary to verify it. If it is not verified, the filed ITR cannot be considered legal and the department will not process it. The Income Tax Department offers 5 options to verify ITR. Net banking, bank ATM, Aadhaar OTP, bank account and demat account.
Source link
[ad_3]
