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Filing your Income Tax Return (ITR) by yourself in 2024 can be easy and straightforward. In this guide, we will walk you through each step of the process in simple language so you can understand and complete your tax filing without any hassle. By the end of this guide, you’ll know exactly what documents you need, how to register and log in to the tax portal, fill out your details, and submit your ITR online. Let’s get started and make your tax filing process smooth and stress-free.

Introduction to ITR Filing

Filing your income tax return (ITR) is a huge smokescreen for white people who want to earn money. This is a way to tell officials how much you earn and what kind of tax you owe. Here is a simple manual to help you understand what it means to file a petition and why it is important.

When you earn money through any process, business or any other source, you have to pay tax on it. The government uses the money to provide public services such as building schools, colleges and hospitals. To make sure everyone pays their fair share, you should file a report each year. This is a form in which you provide details of your profits, costs and reasons for paying.

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Gathering Necessary Documents

  • Pain Card: Your permanent account number is required to file the return.
  • Aadhaar Card: Your Aadhaar number is mandatory to link it to your pension and file returns.
  • Form 16: This is done by your employer, that is, your salary and tax deducted at source are mentioned.
  • Form 16A/1B/16C: Any day like gathering, rental etc.
  • Salary check: Monthly salary check from your employer.
  • Bank account/passbook: A practical account for the purpose of paying income and taxes.
  • Investment Proof: 80C, 80D are the documents showing investment.
  • Home loan statement: To claim protection against home loan under section 24(b).
  • Form 26AS: A one-stop solution that provides a comprehensive solution to all the causes that can help you fight your pain.
  • Any source of income: Income from any source other than salary, such as rent, freelancing, etc.
  • Insurance Premium Receipt: To claim deduction under section 80dee.
  • Donation Receipt: To claim deduction under Section 80JEE.
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Steps to File ITR Yourself in 2024

Steps to File ITR Yourself in 2024

  1. Register/Login to the Income Tax e-Filing Portal:

  2. Choose the Correct ITR Form:

    • Based on your income sources, choose the appropriate ITR form. For salaried individuals, ITR-1 (Sahaj) is commonly used.

  3. Download the Form or Use Online Option:

    • You can download the form in Excel or Java utility from the e-Filing portal, or you can use the online form available on the portal.

  4. Fill in Your Personal and Income Details:

    • Enter your personal details like name, address, PAN, Aadhaar, etc.
    • Fill in income details from Form 16, bank statements, and other relevant documents.

  5. Calculate Tax Payable:

    • Use the form’s built-in validation to calculate your tax liability. Ensure all deductions under sections 80C, 80D, etc., are claimed.

  6. Pay Any Tax Due:

    • If there is any tax payable, pay it online through the e-Filing portal or your bank’s website using challan 280.

  7. Verify Your Form 26AS:

    • Match the TDS and tax paid details in your Form 26AS with your Form 16 and other TDS certificates.

  8. Upload the ITR:

    • Once the form is filled and verified, generate the XML file (if using offline utility) and upload it on the e-Filing portal. If using the online form, simply submit it.

  9. E-Verify Your Return:

    • You can e-verify your return using Aadhaar OTP, net banking, or by sending a signed copy of ITR-V to the CPC office.

  10. Acknowledgment:

  • After successful e-verification, you will receive an acknowledgment on your registered email. Keep this safe for future reference.

What is the minimum income to file ITR 1?

The minimum income to file ITR 1 for the financial year 2023-24 (the evaluation yr 2024-25) is as follows:

  • Individuals under 60 years of age: If your general profits exceeds ₹2,50,000.
  • Senior citizen (60 years or above but beneath eighty years): If your overall income exceeds ₹3,00,000.
  • Super senior citizen (80 years or above): If your overall income exceeds ₹5,00,000.
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Which ITR Should I File?

1. ITR-1 (Sahaj):

  • Who should file: Salaried individuals, pensioners, and people with income from one residence belongings or other assets (like hobbies).
  • Who should not file: Individuals with multiple residence belongings, lottery earnings, capital gains, or if total income exceeds ₹50 lakh.

2. ITR-2:

  • Who should file: Individuals and Hindu Undivided Families (HUFs) with income from revenue, a couple of residence property, capital gains, or overseas belongings.
  • Who should not file: Those with earnings from commercial enterprise or profession.

3. ITR-3:

  • Who should file: Individuals and HUFs with profits from commercial enterprise or profession.
  • Who should not file: Those with profits only from profits, house property, or other assets.

4. ITR-4 (Sugam):

  • Who should file: Individuals, HUFs, and companies (other than LLPs) with presumptive income from business or career beneath sections 44AD, 44ADA, and 44AE.
  • Who should not file: Those with profits above ₹50 lakh, or earnings from more than one house property.

5. ITR-5:

  • Who should file: Partnership corporations, LLPs, Association of Persons (AOPs), Body of Individuals (BOIs), and other comparable entities.
  • Who should not file: Individuals and HUFs.

6. ITR-6:

  • Who should file: Companies other than those claiming exemption underneath section eleven (income from property held for charitable or spiritual functions).
  • Who should not file: Companies claiming exemption under phase eleven.

7. ITR-7:

  • Who should file: Persons and corporations required to document returns below sections 139(4A), 139(4B), 139(4C), or 139(4D) (e.G., trusts, political parties, institutions).
  • Who should not file: Regular businesses and individuals not covered beneath the above sections.

Conclusion

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FAQ'S

Q: What is the deadline for ITR 2024?

The deadline to file your Income Tax Return (ITR) for the financial year 2023-2024 is July 31, 2024. This is the date by which you need to submit your tax return to avoid any penalties or late fees.

Q: Can I file a revised ITR later?

Yes, you can file a revised Income Tax Return (ITR) if you discover any errors or omissions in the original return you filed. For the financial year 2023-2024, the deadline to file a revised ITR is March 31, 2025. This means you have until the end of the next financial year to correct any mistakes in your original return.