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The time has come for taxpayers to file their income tax returns. Soon your ITR (Income Tax Return) for the financial year 2023-24 (AY2024-25) will have to be submitted on the e-filing portal. But for this you will have to take some precautions, so that you do not miss any dues. Or you may miss out on getting your tax refund through no fault of your own. So let us know some important things to make ITR filing easier for you.
1. What are the benefits of filing ITR?
First of all, it is your duty to file tax returns and through this you become a partner in the development of the country. Secondly, it prepares your financial loan, and you can get many other benefits.
2. What penalty will have to be paid for not filing returns?
If you do not pay tax before the due date, you will have to pay late fee up to Rs 5,000. Apart from this, if your total income is not more than Rs 5 lakh then you will have to pay only Rs 1,000.
3. Can returns be filed after the due date?
If the return is not filed before the due date, it is called a bill return. You can file the return even after the due date, but it is required to be filed 3 months before the end of the relevant assessment year or before the end of assessment (whichever is earlier). If so, you will have to pay late payment fees. You can also file an updated return. It can be deposited within 24 months of the completion of the relevant assessment year.
4. If you do not fall in the taxable income category and you are filing late, will you be charged a late fee?
No, if you do not fall in the taxable income category and voluntarily file ITR after the due date, you will not be penalized.
5. Can PAN be used in place of Aadhaar or Aadhaar in place of PAN card for filing ITR?
Yes, as per the existing rules, you can use both PAN and Aadhaar interchangeably while filing your income tax return. That means you can use Aadhar card instead of PAN or PAN card instead of Aadhar card.
6. Do you need to provide any documents while filing ITR?
You do not need to provide any document while filing tax return. However, in case of any kind of inquiry, you will have to provide proof of income and investments, tax details and finally your personal information.
7. Can ITR be filed without Form 16?
Form 16 is the required form for filing ITR for salaried professionals, which contains complete information about the employee's salary. Earlier, taxpayers had to face some difficulty in filing taxes without Form 16. But now they can file ITR even without referring to Form 16.
8. Is it necessary to file ITR if you have incurred loss this year?
If you have incurred a loss in this financial year, you can adjust this loss by carrying forward it with the profit of the next year. For this, you will have to claim the loss while filing ITR before the due date.