Filing a tax return is an annual exercise that most tax-paying individuals must complete. Tax returns are critical as they serve as proof of income when applying for loans, buying property, traveling abroad, or purchasing major insurance policies. In recent years, the government has made the process more user-friendly while becoming more accurate in assessing income levels. This means you need to be very careful when filing your returns.

The requirement to file Income Tax Returns (ITR) in India depends on the individual's age group and income threshold. Here are the details:
 

• Individuals Below 60 Years: Must file ITR if their annual income exceeds Rs 2.5 lakh.
• Individuals Aged 60 to 80 Years: Must file ITR if their annual income exceeds Rs 3 lakh.
• Individuals Above 80 Years: Must file ITR if their annual income exceeds Rs 5 lakh.

Here are some tips for filing ITR

1. Keep Things Handy

First, gather all your important documents before filing your tax returns. These include bank statements, Form 16, Form 26AS, details of other income sources, profit and loss in instruments like equity, fixed deposit details, Aadhaar card(s), mobile phone(s), and login details (IDs and passwords) for family members if you are filing their returns as well. You’ll need an OTP for password verification and final submission. If it’s your first time, register on the income tax e-filing portal using your PAN card details.

2. Read Up on ITR Forms

Once logged in, you’ll see several ITR forms. Select the correct form based on your income sources and tax needs. Research beforehand or consult a friend or tax agent to avoid complications.
 

3. Understand the Jargon

Choose the correct "assessment year" when filing the forms. The "assessment year" is the year after the financial year in which the income is earned and taxed. For example, for the financial year 2023-24, the assessment year is 2024-25.
 

4. Match Your Investment Data

When the form opens, you may notice that your personal and income details have been auto-filled by the tax department. Verify all entries for accuracy, including deductions under Sections 80C (investments like PPF, NSC, ELSS), 80D (medical insurance premiums), and 24(b) (home loan interest). Cross-check with Form 16 and Form 26AS. Ensure all income sources are disclosed, even if not auto-filled, to avoid complications. Report long-term capital gains on equities, even if exempt up to Rs. 1 lakh. Check if all taxes are paid based on your PAN-linked income. If not, the website will show the extra tax you owe, which you can pay via net banking. Ensure your bank details are accurate for tax refunds.
 

5. Identify the Payment Methods

The government has simplified the tax filing website and added more payment methods, including RTGS/NEFT, credit cards, UPI, and net banking. Choose wisely, as some methods like credit cards may incur extra charges. Enhanced communication and a responsive call center are available to assist taxpayers.

6. Remember to E-Verify

After submitting the form, complete the crucial step of e-verification. Verify using your Aadhaar number via an OTP sent to your mobile phone. This must be done within 30 days of filing, but it’s best to do it immediately.

7. Don’t Miss the Deadline

Ensure you file your tax returns before the deadline to avoid penalties and interest.
The following are the ITR filing deadlines for various categories for the financial year 2023-24 (Assessment Year 2024-25):

1. Individual/HUF/AOP/BOI: 31st July 2024
2. Businesses (requiring audit): 31st October 2024
3. Businesses (requiring transfer pricing reports): 30th November 2024
4. Revised Return: 31st December 2024
5. Belated/Late Return: 31st December 2024
6. Updated Return: 31st March 2027 (2 years from the end of the relevant Assessment Year)

Due Dates for Paying Advance Tax Instalments for FY 2023-24

The following are the deadlines for the payment of advance tax for the financial year 2023-24:
 

• 15th June 2024: First instalment (15% of tax liability)
• 15th September 2024: Second instalment (45% of tax liability)
• 15th December 2024: Third instalment (75% of tax liability)
• 15th March 2025: Fourth instalment (100% of tax liability)
• 15th March 2025: Presumptive scheme (100% of tax liability)