How & When to file ITR for AY 2024-25

How to File ITR AY 2024-25 – Step by Step Process

There are two main ways to file Income Tax Returns (ITR) in India: online and offline. However, online filing is strongly encouraged by the Income Tax Department. Here’s a step-by-step process for filing ITR online:

Before you begin:

• Make sure you have your Permanent Account Number (PAN) card, Aadhaar card, and other relevant tax documents like Form 16 (for salary income).

Step 1: Register or Login

• Go to the Income Tax Department’s e-filing portal: [income tax department filing ON Income Tax Department incometax.gov.in].
• If you are a new user, you will need to register using your PAN details and other required information.
• If you are an existing user, log in using your PAN and password.

Step 2: Select ‘File Income Tax Return’

• Once logged in, navigate to the ‘e-file’ section and select the ‘File Income Tax Return’ option.

Step 3: Choose the Assessment Year and Filing Type

• The Assessment Year (AY) is the financial year following the year in which the income is earned. For example, if you are filing for income earned in the financial year 2023-24, the AY will be 2024-25.
• Select the AY for which you want to file the ITR.
• Choose ‘Original/Revised Return’ depending on whether this is your first filing or a correction to a previously filed return.

Step 4: Select ITR form

• There are different ITR forms for different types of taxpayers and income sources. You will need to choose the appropriate form based on your situation.
• ITR 1 and ITR 4 are commonly used for salaried individuals and can be filed online.

Step 5: Validate Pre-filled Information

• The income tax portal may pre-fill some information based on Form 16 and other sources.
• Carefully review this pre-filled information and make any necessary corrections.

Step 6: Enter your Income and Deductions

• Fill in the details of your income from various sources like salary, interest, capital gains etc.
• Enter the deductions you are claiming under various sections of the Income Tax Act.

Step 7: Tax Computation and Verification

• Once you’ve entered all the details, the portal will calculate your tax liability.
• Review the tax summary and proceed to verification. You can e-verify your return using Aadhaar OTP or other methods.

Step 8: Submit the ITR

• After successful verification, you can submit your ITR electronically.
• You will receive an acknowledgement receipt as confirmation of filing.

Additional Tips

• The Income Tax Department website provides a detailed user manual for filing ITR 1 (Sahaj) online: [income tax filing ON Income Tax Department incometax.gov.in]
• If you are unsure about the process or have complex tax situations, consider consulting a tax professional for guidance.

When to File ITR AY 2024 – 25

The due date for filing Income Tax Returns (ITR) in India depends on whether your return requires an audit or not:

• For individuals and non-audit cases: The due date to file ITR is July 31st of the relevant assessment year. (For income earned in the financial year 2023-24, the assessment year is 2024-25, so the due date would be July 31st, 2024).
• For cases requiring audit (audit cases): The due date to file ITR is October 31st of the relevant assessment year.

Here’s a breakdown for your reference:

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Additional points to remember:

• You can still file a belated return even after the due date, but there may be penalties and interest charges. The last date for filing a belated return for AY 2024-25 is December 31st, 2024.
• It’s always recommended to file your ITR well before the deadline to avoid any last-minute hassles.

More From This Section

Know your total taxable income

This represents your entire income from all sources, including salary after accounting for any tax-saving deductions.

Understand your tax regime

India has two tax regimes: Old and new.

The new regime, introduced in 2020, features revised tax slabs and concessional rates. However, it has limitations on claiming certain deductions and exemptions. If you don’t choose a regime, the default will be the new tax regime. Understand the pros and cons of each regime to make an informed choice.

Gather all necessary documents  

Before beginning the filing process, collect all relevant financial documents. These typically include:  

Form 16 from your employer

Bank statements Investment proofs (for tax-saving investments)

Rent receipts (if claiming HRA)

Loan statements (for home loan interest deduction)

PAN Card

Aadhaar card

Review Form 26AS

Form 26AS provides a summary of income with TDS (Tax Deducted at Source) deductions, which is essential for precise tax filing.

Annual Information Statement (AIS)

Contains details such as interest income, dividends, securities transactions, and foreign remittances, all pre-filled in your ITR form for convenience.

Choosing ITR Forms

Selecting the appropriate ITR form is an important step in filing your taxes accurately.  

Claim eligible deductions

Deductions under sections like 80C (up to Rs 1.5 lakh), 80D (health insurance), 80TTA (bank interest) and 80G (donations) can reduce your tax liability. Ensure you claim all the eligible deductions while filing your return.

Don’t miss deadline

Timely filing is crucial to avoid penalties and interest charges. The usual deadline for filing ITR is July 31st for the previous financial year. However, it’s advisable to check the official Income Tax Department website for any extensions or changes in deadlines.

E-Filing is the way to go

The Income Tax Department encourages e-filing of returns through its portal. This method is not only convenient but also reduces the chances of errors. First-time filers can create an account on the portal and follow the step-by-step process to submit their return.

Verify your return

After submitting your ITR, it’s essential to verify it within 120 days. This can be done through various methods, including Aadhaar OTP, net banking, or by sending a signed copy of ITR-V to the Centralised Processing Centre, Bengaluru.

Disclaimer:

The information contained on this blog is for general educational purposes only and should not be construed as professional tax advice. While we strive to provide accurate and up-to-date information, tax laws and regulations can be complex and subject to change.

We recommend:

• Always consult with a registered tax advisor or chartered accountant for personalized tax advice before making any decisions regarding your tax filings.
• They can help you determine the appropriate ITR form, calculate your tax liability, and ensure you claim all the deductions you’re entitled to.