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How to file ITR for FY 2023-24: The time has come for the taxpayers of the country to file income tax returns. Soon you will have to submit your ITR (Income Tax Return) for the financial year 2023-24 (AY2024-25) on the e-filing portal. But for this you will have to take some precautions, so that you do not miss any due date. Or due to some mistake of yours you may miss your tax refund. So let us know 10 important things which will make it easier for you to file ITR this time.
1. What are the benefits of filing ITR?
First of all, filing tax returns is your duty and through this you become a partner in the development of the country. Secondly, it builds your financial credibility and you can avail many benefits.
2. Will you be penalized if you don't file returns?
If you do not pay your tax before the due date, you may have to pay late fees up to Rs 5,000. At the same time, 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 even after the due date?
If a return is not filed before the due date, it is called a late return. You can file a delayed return, but it must be filed 3 months before the end of the relevant assessment year or before the end of the assessment year (whichever is earlier). However, you will have to pay late fees on delayed returns. You can also file updated returns. It can be deposited within 24 months of the end of the relevant assessment year.
4. If you are not obliged to file your return and you are filing late, will you be charged a late fee?
No, if you do not fall in the taxable income category and are voluntarily filing ITR after the due date, you will not be penalized.
5. Can PAN be used in place of Aadhaar or PAN in place of Aadhaar for filing ITR?
Yes, as per the existing provisions, you can use both PAN and Aadhaar interchangeably while filing your income tax return. That means you can use Aadhaar instead of PAN or PAN instead of Aadhaar.
6. Do you need to provide documents while filing ITR?
You do not need to provide the documents at the time of tax return filing itself. However, if there is any kind of investigation, you will have to provide documents related to income and investment proof, tax details and finally personal details.
7. Can I file ITR without Form 16?
Form 16 is a required form for salaried professionals to file ITR, which contains complete information about the employee's salary. Earlier, taxpayers had to face difficulties in filing taxes without Form 16. But now they can file ITR even without reference to Form 16.
8. What documents are required to file ITR for agricultural income?
No document will be required to file ITR on agricultural income. Yes, but if the income from farming falls in the exempt category then you will have to give details of the same in Schedule EI (Exempt Income) in the ITR form.
9. Do you need to provide any documents while filing income tax return under Section 80DD?
No, you do not need to provide any documents while filing income tax return. If there is any disability or severe disability certificate, you will have to give it only when the Income Tax Department itself asks for this proof.
10. Is it necessary to file ITR if you have suffered 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.
