Five key changes have been introduced in tax return forms for FY2024-25.
New Delhi: The Income Tax Department has updated several ITR forms for the financial year 2023-24, requiring taxpayers to provide more details. Consequently, the Central Board of Direct Taxes (CBDT) has implemented numerous additional reporting requirements and changes in line with the amendments of the Finance Act 2023.
Two Deadlines, July 31 And October 31
The deadline for filing tax returns is July 31, 2024. However, taxpayers who are subject to income tax audits and those with business income will have until October 31 to file their returns using ITR-3.
The Tax Department Has Seven Distinct Tax Return Forms
ITR-1
ITR-2
ITR-3
ITR-4
ITR-5
ITR-6
ITR-7
For two ITR forms, ITR-1 (SAHAJ) and ITR-4 (SUGAM), the deadline for filing tax returns is July 31, 2024, provided there is no extension granted.
What If You File Wrong ITR Form?
If a taxpayer files a wrong tax return form, the Income Tax Department allows the individual to file a revised return and there is no restriction as such how many times the person can file a revised return in a given fiscal year.
But if the tax authorities come to a conclusion that the taxpayer has wilfully underreported or hid income and is involved in tax evasion, the income tax provisions say the penalty can be 100% to 300% of the tax amount due but not paid.
Five key changes have been introduced in tax return forms for FY2024-25.
Remember These Key Points While Filing Income Tax Return
- There are different ITR forms for different taxable persons like salaried, self-employed and so on, the person needs to select the right ITR form.
- Accurate personal information: It is essential to fill in the details in the form very carefully since any error in personal details like PAN number, Name and address can lead to rejection
- Correct bank account details: The applicant should re-check all the bank details to be eligible for any refunds that may be directed to his/her bank account.
- Transparent income reporting: Contrary to normal thinking, one must declare their income across various sources which include capital gains, rent and even gifts.
- Exemptions and deductions: It is necessary to be aware of all the deductions, and sections and to keep all supporting documents handy while filing ITR.
- Verification of ITR: After filing the ITR, make sure to verify it. This can be easily done via electronic verification (EVC) or you can send a signed physical copy of your return to the CPC, Bengaluru.