After taking into consideration all aspects, determine your tax liability and choose the appropriate ITR form and fill out the ITR form online or use tax filing software. One should double check the pre-filled details in the ITR form.
“After verifying the particulars mentioned in your return (via Aadhaar OTP, net banking, etc.) submit your ITR,” Kaur added.
Further, for individual professionals having income more than R50,00,000 per annum, the audit is mandatory under the Act. The individual who is a professional falling under this category should have the audit done from a chartered accountant (CA) after considering all the above factors. Thereafter, the return can be filed with the auditor’s report, she stated.
Belated return
For the Financial Year 2023-24 (Assessment Year 2024-25), the deadline to file Income Tax Returns (ITR) is July 31, 2024. In case of missing this deadline, individuals can still file a belated return before December 31, 2024. Late filing may result in an interest charge of 1% per month on the unpaid tax amount as per Section 234A.
Additionally, under Section 234F, a late fee of R5,000 is applicable, which is reduced to R1,000 if the total income is below R5 lakh.
Furthermore, individuals have the option to carry forward losses from sources like the stock market, mutual funds, properties, or businesses to offset against future income tax liabilities, provided the ITR is filed before the deadline.
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