How to File Income Tax Return 2024.

Things to Remember Before Filing ITR

* If you are a salaried employee or have TDS deducted, wait until May for updated TDS information.

* Determine the tax regime based on your income: below 7 lakhs - new tax regime, above 7 lakhs - choose accordingly.

Steps to File Income Tax Return

 Preparing for Filing

* Login to the portal and check 26AS for TDS information.

* Verify AIS for transaction details recorded against your PAN card.

* Start e-filing by selecting the assessment year (24-25).

* Choose the online mode and proceed with 'New Filing' under individual status.

 Filing Process

* Select the appropriate ITR form based on your income sources.

* Review and validate personal information, income details, deductions, and tax liability prefilled in the form.

* Confirm bank details, gross total income, deductions, and total tax liability.

Choosing Tax Regime

* Opt for the new tax regime if income is below 7 lakhs to avail benefits.

* Consider deductions and exemptions under the old tax regime for higher income brackets.

Completing the Filing

* Validate all information, including deductions and taxes paid, to ensure accuracy.

* Preview the return, validate it, and proceed to e-verify using the Aadhaar OTP.

Conclusion

 Filing an income tax return can be a simple process by following these steps. Whether under the new or old tax regime, understanding deductions and tax implications is crucial. Stay informed and file your ITR accurately for a hassle-free experience.

By adhering to these guidelines, you can successfully file your Income Tax Return for the year 2024. Remember that staying organized and informed is key to a smooth filing process. Happy filing!