The Income Tax Return (ITR) filing deadline for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. However, if you miss the due date, you can still file a belated return before December 31, 2024.
To prepare for ITR filing, you will need to gather several key documents:
- PAN Card
- Aadhaar Card
- Form 16 from your employer, which summarizes your salary details and TDS deductions
- Form 26AS, which provides a summary of your tax deductions and payments
- Documents related to investments and deductions under Section 80C, such as PPF, NSC, ULIP, and LIC
- Details of your bank accounts, including account numbers, IFSC codes, and total accounts held
- Documents for capital gains from sale of shares, securities, or property
- Dividend income statements
- Home loan statements for principal and interest repayment details
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The ITR filing process involves reporting your income, deductions, and tax liability to the Income Tax Department. You can file your ITR online through the e-filing portal of the Income Tax Department.Ensure that you file your return on time to avoid interest and penalties under Sections 234A and 234F of the Income Tax Act.