If you are going to file ITR for the first time, then get it done by someone knowledgeable or do it under their supervision. Due to a mistake made due to lack of knowledge, you may get a notice from the ITR department or a huge fine may also be imposed on you.
The last date to file Income Tax Return (ITR) for the financial year 2023-24 is 31 July 2024. The month of July has started, so you have only this month left. If you live in India and are earning through any job or business, then you must file income tax return. Even if you do not fall in the tax slab, you should file ITR. It has many benefits in the future.
But if you are going to file ITR for the first time, then get it done by someone knowledgeable or do it under their supervision. Due to a mistake made due to lack of knowledge, you may get a notice from the ITR department or you may also be fined heavily.
Choose the right form
Considering the income of different people and their means of earning, many types of ITR forms are issued by the Income Tax Department. If you file ITR through the wrong return form due to lack of information, then you can be sent an IT notice by the Income Tax Department, however, before sending the notice, the Income Tax Department also gives the person a chance to correct the mistake. Therefore, choose the right form to file ITR. If you do not have information, then take the help of an expert.
In these situations, the Income Tax Department can charge a penalty
If you file a wrong return or deliberately under-report it due to lack of information or to save or evade tax, the Income Tax Department can take strict action against you if caught. In this situation, the department can charge a penalty of 100% to 300% of the outstanding tax amount.
How to file ITR
- Go to the official site of Income Tax Department https://eportal.incometax.gov.in/iec/foservices/#/login.
- Log in by entering ID password. After logging in, a page will open, where you click on e-file. After that click on File Income Tax Return option.
- Select Assessment Year 2023-24 and Continue.
- Here you will get the option of Online and Offline, you have to select Online and click on ‘Personal’ option.
- Now choose the form which is suitable for you from ITR-1 or ITR-4 and continue.
- If you are salaried then select ITR-1. After that the form will be downloaded on your system.
- Then go to ‘Filling Type’ and select 139(1)- Original Return.
- After this, the selected form will open in front of you, in which fill all the required information and keep saving.
- Fill the bank details very carefully. If you select OFFLINE mode above, then after filling all the information in the download form, you will see the option of Attach File, where you have to attach your form.
- After attaching the file, the site will validate the file and after validation click on “Proceed To Verification”. In this way you can file ITR.
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