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A Simple Guide to Filing Your ITR in India!

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Filing your income tax return (ITR) in India can seem complicated, but it doesn't have to be! This guide will explain everything you need to know for the 2024 assessment year (AY 2024-25), which covers your income earned between April 1, 2023, and March 31, 2024.

Do I Need to File?

Not everyone needs to file an ITR. You generally do if your income exceeds the basic exemption limit:

  • Rs. 2.5 lakh for individuals under 60 years old
  • Rs. 3 lakh for senior citizens (60-80 years old)
  • Rs. 5 lakh for super senior citizens (above 80 years old)

However, even if your income falls below these limits, you should still file if:

  • You have any tax deducted at source (TDS)
  • You want to carry forward losses
  • You claim a tax refund

Deadlines and Penalties

The due date to file your ITR for AY 2024-25 is July 31, 2024. Filing late attracts interest and penalties:

  • 1% per month of delay (maximum tax payable) for late filing up to one year.
  • 5% per month of delay (subject to a minimum of Rs. 1,000) for filing after one year.

Understanding Tax Slabs

India has two tax regimes: new and old. 

The new regime offers lower tax rates but fewer deductions, while the old regime offers more deductions but higher tax rates. Here's a breakdown of the new tax slabs for AY 2024-25:

  • Up to Rs. 3 lakh: Nil
  • Rs. 3 lakh to Rs. 6 lakh: 5%
  • Rs. 6 lakh to Rs. 9 lakh: 10%
  • Rs. 9 lakh to Rs. 12 lakh: 15%
  • Rs. 12 lakh to Rs. 15 lakh: 20%
  • Above Rs. 15 lakh: 30%

Choosing the Right Regime

Carefully evaluate which regime suits you better based on your income sources and potential deductions.

What Documents Do I Need?

Gather documents like your Form 16 (salary slip), AIS (Annual Information Statement), TIS(Taxpayers Information Summary), Form 26AS, Investment Proofs, Bank Statements, and PAN card.

Filing Your ITR

You can file your ITR electronically on the Income Tax Department's website (https://www.incometax.gov.in/iec/foportal/) or through a tax filing website.

Remember: This is a simplified guide. For specific details and complex situations, consult a tax professional or refer to the Income Tax Department website.

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Location: Mumbai, Maharashtra, India

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