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Published on 9 April 2025

Essential Steps to File Your Income Tax Return Before the Deadline

Important Steps for Filing Your Income Tax Return (ITR) Before the Due Date

As we reach the midpoint of July, the deadline for filing your Income Tax Return (ITR) is fast approaching. The due date for individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs) who do not require an audit is July 31, 2024.

Required Documents for Filing ITR

When preparing to file your ITR, ensure you have the following essential documents:

  1. Form 16/16A
  2. AIS/TIS - This provides detailed information about transactions during the previous year.
  3. Interest Certificates
  4. Securities Transaction Statement - Available for download from your broker's app (for example, Zerodha offers a Profit & Loss statement as well as a tax P&L).
  5. Investment Proofs - Include documents for insurance premiums, tax-saving fixed deposits (FDs), Equity Linked Savings Schemes (ELSS), contributions to the Public Provident Fund (PPF), etc.

Understanding the New and Old Tax Regimes

This year, the new tax regime has been announced as the default option. It is essential to choose whether you want to file your return under the new or old regime.

  • If you are familiar with income tax regulations, you can calculate your tax liabilities accordingly.
  • However, for those who are not as familiar, several online tools can help compare tax liabilities under both regimes. The Income Tax Department also offers a tax calculator for efficient assessment, which can be accessed [here](https://eportal.incometax.

Choosing the Correct ITR Form

While the Income Tax Portal will automatically suggest the appropriate ITR form based on your transactions, it’s beneficial to understand the different forms available and their suitability:

  • ITR-1: For resident individuals earning up to ₹50 lakhs from:

    • Salary/Pension
    • One house property
    • Other sources

  • ITR-2: For individuals with:

    • Income exceeding ₹50 lakhs
    • Income from multiple house properties
    • Capital gains
    • Directorship in any company

  • ITR-4: Suitable for individuals and HUFs with total income up to ₹50 lakhs from:

    • All incomes listed in ITR-1
    • Presumptive income

  • ITR-5: Applicable for:

    • Firms
    • Limited Liability Partnerships (LLPs)
    • AOPs
    • BOIs

In summary, most individuals will only need to consider ITR-1 or ITR-2 unless they have presumptive income.

Steps to File Your ITR

  1. Gather Information and Documents: Collect all necessary documents, such as Form 16/16A, interest certificates, and investment proofs.

  2. Complete the ITR Form: Input your information into the specified fields of the selected form. The Income Tax Department is working to enhance the user-friendliness of these forms.

  3. Compute Tax Liability: The form will automatically calculate your tax liability after all income is declared.

  4. Pay Self-Assessment Tax: If your advance tax and tax deducted at source (TDS) are insufficient to meet your tax liability, you will need to pay the self-assessment tax.

  5. Submit the ITR: Once all details have been accurately filled and verified, submit your ITR form.

  6. E-Verify the Return: There is no longer a need to physically send the completed ITR form to the Income Tax Department. You can e-verify your ITR through various methods, including Aadhar OTP and net banking.

the July 31 deadline

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