It’s that time of the year again — tax season! We’re here to help you navigate the ins and outs of filing your annual income tax returns (ITR) in India. From deadlines to penalties, and common mistakes to avoid, we’ve got you covered.


When Is The Last Day To File ITR?

Mark your calendars: the last date for filing income tax returns for the fiscal year 2023-24 (Assessment Year 2024-25) is July 31, 2024. That’s the end of this month, folks.


What If You Miss The Deadline?

Don’t panic if you miss the July 31 deadline; you can still file a delayed return by December 31, 2024, for FY23-24 / AY24-25.


What is the Penalty for Missing the Deadline?

While you can file a delayed ITR till the end of the year, be aware that these filings will come with penalties ranging from ₹1,000 to ₹10,000 depending on how late you are. Additionally, delayed filings could mean losing out on certain tax deductions and attracting increased scrutiny from the Income Tax Department.


Who is Required to File ITR?

Wondering if you need to file an ITR? Typically, anyone earning above the basic exemption limit is required to file. It’s crucial to check the specific criteria that apply to your situation.


What Are The Correct ITR Forms To Fill?

The Income Tax Department released the online and offline ITR forms for FY24 in April. Make sure you choose the correct form based on your income source and category.


What Documents Do You Need To File ITR?

Before you start filing, ensure you have the following documents ready:

  • Form 16 (from your current and any former employers if you changed jobs mid-year)
  • PAN Card
  • Aadhaar Card (ensure your PAN and Aadhaar are linked)
  • Investment proofs (like bank deposits, PPF deposits, etc.)
  • Home loan interest certificate
  • Insurance premium payment receipts


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