A Step-by-Step Guide on How to File ITR Online for FY24: As the June 15 deadline for issuing Form 16 has arrived, employees who have received it should file their income tax returns for the financial year 2023-24 (assessment year 2024-25) as early as possible to avoid a last-minute rush or any penalties. If you plan to file the ITR on your own, here’s all you need to know.
As per income tax rules, employers must issue Form 16 to employees by June 15, 2024. The deadline to file ITR for individual taxpayers for FY24 is July 31, 2024. For businesses requiring audit, the deadline is October 31, 2024. Here’s the step-by-step guide on how to file ITR online for AY2024-25, including income tax rates for both new and old regimes and documents required.
Step 1: Gather Required Documents
Before starting the online filing process, make sure you have these documents ready — PAN card, Aadhaar card, bank account details, Form 16 (issued by your employer), investment proofs (for claiming deductions, in case of old tax regime), TDS certificates, interest certificates from banks and post office, capital gains statements (if applicable).
Step 2: Register on the Income Tax e-Filing Portal
- Visit the Income Tax e-Filing Portal.
- If you are a new user, click on ‘Register Yourself’ and complete the registration process using your PAN details.
- For existing users, log in using your PAN, password, and captcha code.
Step 3: Select the ITR Form
Choose the appropriate ITR form based on your income sources:
ITR-1 (Sahaj) for salaried individuals with income up to ₹50 lakh.
ITR-2 for individuals and HUFs not having income from business or profession.
ITR-3 for individuals and HUFs having income from business or profession.
ITR-4 (Sugam) for presumptive income from business and profession.
Step 4: Fill in the Details
Personal Information: Verify pre-filled personal information such as name, PAN, and address.
Income Details: Enter details of salary, house property, capital gains, and other income sources.
Tax Deductions: Fill in deductions under sections like 80C, 80D, and other applicable sections.
Tax Paid and Verification: Ensure all TDS details and advance tax payments are accurate.
Step 5: Validate the Form
Use the ‘Validate’ button on each tab to ensure all required fields are filled correctly and there are no errors.
Step 6: Calculate Tax and Pay Tax Due
Use the ‘Calculate Tax’ button to compute your tax liability and pay any outstanding tax liability using the ‘e-Pay Tax’ option.
Step 7: Verify and Submit
Verify the return using methods like Aadhaar OTP, net banking, or by sending a signed ITR-V to the CPC, Bengaluru.
Click ‘Submit’ after verification.
New Tax Regime vs Old Tax Regime for FY24
For FY24, taxpayers can choose between the old tax regime and the new tax regime:
Old Tax Regime: Includes deductions and exemptions such as 80C, 80D, HRA, etc.
New Tax Regime: Offers lower tax rates but no exemptions or deductions. The rates are:
- ₹0 to ₹2.5 lakh: Nil
- ₹2.5 lakh to ₹5 lakh: 5%
- ₹5 lakh to ₹7.5 lakh: 10%
- ₹7.5 lakh to ₹10 lakh: 15%
- ₹10 lakh to ₹12.5 lakh: 20%
- ₹12.5 lakh to ₹15 lakh: 25%
- Above ₹15 lakh: 30%
Taxpayers need to evaluate which regime benefits them the most based on their income and eligible deductions.
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