ITR Filing Process: You can file income tax return yourself
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ITR Filing Process: Income Tax Department has made the form related to submission of ITR for the financial year 2023-24 available on the e-filing portal. To avoid last-minute hassles, 23 thousand people have filed their returns in the last four days alone. It is necessary for any income taxpayer to file income tax return. If a taxpayer does not file the return, he can be fined by the Income Tax Department. If you are also thinking of filing return fine then there is no need to worry about it. You can easily complete the process sitting at home (Income Tax Return Filing Process) can file your income tax from. The last date to file returns without any penalty is July 31. If income tax is not deposited after 31st July till 31st December, a fine of around Rs 5,000 may be imposed. Let us know the details.
There are two categories for filing personal income tax
There are two categories in income tax for paying personal income tax. In this, one category is ITR-1 and the other is ITR-4. If your annual income is less than Rs 50 lakh then you can choose the option to fill this form. These forms have to be selected differently according to their source of income. Those having ITR-1 option have to fill their personal information, gross total income, tax exemption information, tax filing information, tax liability (calculation is done automatically). Whereas, those with ITR-4 option have to fill disclosures along with all the information mentioned above. Enter Aadhaar based OTP to validate ITR.
Calculate tax before submitting return
Before filing your return one should calculate one’s tax. For this you will get the option of many online tax calculators on Google. You can know the tax accurately by giving information about your transaction there.
Also Read: EPFO made a big change in the rules, now you will not have to merge accounts.
What is the whole process
To file Income Tax Return (ITR) online, you have to first register on the Income Tax Department website. For this you must have PAN card. You can easily register with your name and date of birth. Different ITR forms are filled depending on your sources of income. Choose the form that best suits your source of income. After selecting the form, fill all the necessary details like personal information, income details, tax deductions and exemptions. After entering all the information, verify all the details and ensure that they are accurate and correct. After this, you can do this by sending a physical copy of the return to the Income Tax Department or by uploading the return online. If there is any tax outstanding, make sure you pay it before the deadline.
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