The due date for filing the Income-tax Return (ITR) for FY 2023-24 (AY 2024-25) is July 31, 2024, for individual taxpayers not subject to a tax audit under the Income-tax Act, 1961. This article explains how to file your tax return using Form ITR-1.
Who can file ITR-1?
Form ITR-1 can be used by an Ordinary Resident (ROR) Individual with a total income of up to Rs. 50 lakh. This can include income from salary, income from one house property, and income from other sources such as bank interest, dividends, and agricultural income up to Rs 5,000.
Individuals who are either directors in a company, have invested in unlisted equity shares, or whose tax is deducted by banks on cash withdrawals under Section 194N cannot use this form.
Ways to file ITR-1
There are various ways to file Form ITR-1: Via Excel utilities or Java utilities or directly on the e-filing platform or it can also be filed using third-party software. It is recommended that the e-filing platform be used to file returns as it auto-fills basic information and tax details into the ITR-1 form without any manual intervention, which saves time and effort.
Steps to e-file ITR-1 online
Step 1: Go to https://www.incometax.gov.in/iec/foportal/ and log in with your PAN/Aadhaar and password.
Step 2: Go to E-File > Income Tax Returns > File Income Tax Return from the menu. They will then select the assessment year 2024-25 and mode of filing ‘online’ and click ‘Continue’ to proceed.
Step 3: Select your status as Individual and click ‘Continue’. The next step is to select ‘ITR-1‘ from the ‘ITR Form’ dropdown.
Step 4: Select why you are filing the Income-tax Return and click ‘Continue’. On the next page, you will find 5 sections to fill in: (a) Personal Information, (b) Gross Total Income, (c) Total Deductions, (d) Tax Paid, and (e) Total Tax Liability.
The individual must verify the data pre-filled from their e-filing profile in the Personal Information section.
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In the Gross Total Income section, they review the pre-filled information, such as income from salary/pension, interest income, and dividend, and enter any remaining or additional details, including exempt income.
In the total deductions section, an individual is required to add and verify any deductions they intend to claim under Chapter VI-A of the Income Tax Act.
In the ‘Tax Paid’ section, they need to verify the taxes paid in the FY 2023-24.
In the ‘Total Tax Liability’ section, they need to review the tax liability computed based on the details filled in the previous sections.
After filling in the required details, click “proceed” to preview the return.
Once the filing process is completed successfully, the next step is verifying the return, which can be done using various methods, such as a Digital Signature Certificate (DSC), Electronic Verification Code, Aadhaar-based OTP, or by sending a signed copy of the acknowledgement to CPC Bengaluru.
Failure to verify the filed ITR within 30 days will render it invalid. After verification, an individual will receive an SMS and/or email confirmation that their return has been successfully filed.
Individuals planning for retiring rich should ensure they file their tax returns on time to avoid any penalties.
