{"id":7587,"date":"2024-05-07T06:10:42","date_gmt":"2024-05-07T06:10:42","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=7587"},"modified":"2024-05-07T06:10:43","modified_gmt":"2024-05-07T06:10:43","slug":"tax-filing","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/tax-filing\/","title":{"rendered":"Income Tax Filing|What You Need to Know for Tax Season"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Tax_Filing_in_India\" >Tax Filing in India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Is_Income_Tax_ITR_Filing_Compuslory\" >Is Income Tax ITR Filing Compuslory<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Type_of_ITR_Forms_in_India\" >Type of ITR Forms in India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Income_Tax_ITR_Filing_Due_Date\" >Income Tax ITR Filing Due Date<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Income_Tax_Filing_Last_Date_2024\" >Income Tax Filing Last Date 2024<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Tax_Deductions_in_India\" >Tax Deductions in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#What_are_the_Benefits_of_Income_Tax_Return_Filing\" >What are the Benefits of Income Tax Return Filing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Penalty_for_Late_Income_Tax_Return_Filing\" >Penalty for Late Income Tax Return Filing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Simplified_Checklist_for_Stress-Free_Tax_Filing\" >Simplified Checklist for Stress-Free Tax Filing<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Choosing_the_Right_ITR_Form\" >Choosing the Right ITR Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Determining_Residential_Status\" >Determining Residential Status<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Choosing_Between_Tax_Regimes\" >Choosing Between Tax Regimes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Downloading_26AS_and_AIS\" >Downloading 26AS and AIS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Documenting_Income_Sources\" >Documenting Income Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Claiming_Deductions_and_Exemptions\" >Claiming Deductions and Exemptions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Foreign_Tax_Credit_and_Tax_Residency_Certificate\" >Foreign Tax Credit and Tax Residency Certificate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Completing_Key_Schedules\" >Completing Key Schedules<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Timely_Tax_Filings\" >Timely Tax Filings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Stay_Informed_and_Confident\" >Stay Informed and Confident<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/#FAQs_Tax_Filing_2024\" >FAQs| Tax Filing 2024<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/personal-finance\/\">Personal Finance<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/personal-finance\/tax\/\">Tax<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>Income Tax Filing|What You Need to Know for Tax Season<\/strong><\/span><\/span><\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When we enter a new financial year, the first thing that comes to mind is tax filing. The due date for income tax filing for the year starts looming. It&#8217;s no secret, but it does. Filing taxes is a crucial part of the financial responsibility of Indian citizens.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today, we will share a tax filing checklist to help make the income tax return filing process for 2024 easier for you!<\/p>\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"0-tax-filing-in-india-\"><span class=\"ez-toc-section\" id=\"Tax_Filing_in_India\"><\/span><strong>Tax Filing in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Tax filing refers to the process of submitting your income tax return (ITR) to the Income Tax Department. It&#8217;s a declaration of your income, deductions, and the taxes paid during the FY.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Income tax return filing is required for individuals whose income exceeds the basic exemption limit. The <strong>ITR forms<\/strong> vary based on the type of income, such as annual salary, overall business profits, capital gains, etc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"1-is-income-tax-itr-filing-compuslory\"><span class=\"ez-toc-section\" id=\"Is_Income_Tax_ITR_Filing_Compuslory\"><\/span>Is Income Tax ITR Filing Compuslory<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, according to Indian tax laws, you must file your income tax returns if your income exceeds the basic exemption limit. Tax rates are predetermined for taxpayers. In case you fail to do income tax filing on time, you will incur late filing fees. This ultimately effects your credibility as a loan applicant.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, how do you know which ITR form is suitable for your income tax return filing?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"2-type-of-itr-forms-in-india\"><span class=\"ez-toc-section\" id=\"Type_of_ITR_Forms_in_India\"><\/span>Type of ITR Forms in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Central Board of Direct Taxes (CBDT) introduced Income Tax Return Forms on February 10th and 14th, 2023.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ITR Form 1 (Sahaj)<\/strong> is for resident individuals with income up to Rs. 50 lakh, covering salary, one house property, other sources, and agricultural income up to Rs. 5 thousand.<\/li>\n\n\n\n<li><strong>ITR Form 2<\/strong> is for individuals and HUFs without business or professional income, excluding those eligible for Sahaj.<\/li>\n\n\n\n<li><strong>ITR Form 3<\/strong> is for individuals and HUFs with business or professional income.<\/li>\n\n\n\n<li><strong>ITR Form 4 (Sugam)<\/strong> suits individuals, HUFs, and firms (excluding LLPs) with total income up to Rs. 50 lakh, involving business and professional income under sections 44AD, 44ADA, or 44AE.<\/li>\n\n\n\n<li><strong>ITR Form 5<\/strong> is for entities like partnership firms, LLPs, etc.<\/li>\n\n\n\n<li><strong>ITR Form 6<\/strong> is for companies not claiming exemption under section 11.<\/li>\n\n\n\n<li><strong>ITR Form 7<\/strong> is for trusts, political parties, charitable institutions, etc., with exempt income under the Act.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3-income-tax-itr-filing-due-date\"><span class=\"ez-toc-section\" id=\"Income_Tax_ITR_Filing_Due_Date\"><\/span>Income Tax ITR Filing Due Date<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The due date for filing ITR for various categories of taxpayers are as follows:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2022 For individuals, HUFs, AOPs, and BOIs: July 31, 2024<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2022 For businesses requiring audit: October 31, 2024<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2022 For businesses requiring transfer pricing reports: November 30, 2024<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4-income-tax-filing-last-date-2024\"><span class=\"ez-toc-section\" id=\"Income_Tax_Filing_Last_Date_2024\"><\/span>Income Tax Filing Last Date 2024<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The last date for your income tax ITR filing without attracting a late fee for the financial year 2023-24 (AY 2024-25) is July 31, 2024. If you miss this deadline, you can still file a belated return by December 31, 2024, but it may involve a penalty.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"5-tax-deductions-in-india\"><span class=\"ez-toc-section\" id=\"Tax_Deductions_in_India\"><\/span>Tax Deductions in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Some of the deductions for the financial year 2023-24 include:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 Standard deduction of \u20b950,000 for salaried individuals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 Deduction under Section 80C for investments in ELSS, PPF, life insurance, etc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 Deduction for health insurance premium under Section 80D.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 Deduction for interest on home loan under Section 24.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Section<\/strong><\/td><td><strong>Category<\/strong><\/td><td><strong>Description<\/strong><\/td><td><strong>Maximum Benefit<\/strong><\/td><\/tr><tr><td>24(b)<\/td><td>House Property Interest<\/td><td>Interest paid on housing loan &amp; improvement loan for self-occupied property<\/td><td>\u20b9 2,00,000<\/td><\/tr><tr><td>80C, 80CCC<\/td><td>Various Payments<\/td><td>Life insurance premium, Provident fund, Tuition fees, Housing loan principal, etc.<\/td><td>\u20b9 1,50,000 (combined)<\/td><\/tr><tr><td>80CCD(1)<\/td><td>Pension Scheme<\/td><td>Contribution to the pension scheme of the Central Government<\/td><td>\u20b9 1,50,000<\/td><\/tr><tr><td>80CCD(1B)<\/td><td>Additional Pension<\/td><td>Contribution to the pension scheme of the Central Government (additional)<\/td><td>\u20b9 50,000<\/td><\/tr><tr><td>80CCD(2)<\/td><td>Employer&#8217;s Contribution<\/td><td>Contribution by employer to pension scheme of Central Government<\/td><td>10% to 14% of salary<\/td><\/tr><tr><td>80CCH<\/td><td>Agnipath Scheme<\/td><td>Contribution to the Agnipath Scheme<\/td><td>Full contribution<\/td><\/tr><tr><td>80D<\/td><td>Health Insurance<\/td><td>Health insurance premiums &amp; preventive health check-ups<\/td><td>\u20b9 25,000 to \u20b9 50,000<\/td><\/tr><tr><td>80DD<\/td><td>Disabled Dependent<\/td><td>Maintenance or medical treatment of disabled dependent<\/td><td>\u20b9 75,000 to \u20b9 1,25,000<\/td><\/tr><tr><td>80DDB<\/td><td>Medical Treatment<\/td><td>Medical treatment for specified diseases<\/td><td>\u20b9 40,000 to \u20b9 1,00,000<\/td><\/tr><tr><td>80E<\/td><td>Education Loan<\/td><td>Interest payments on loan for higher education<\/td><td>Full interest paid<\/td><\/tr><tr><td>80EE<\/td><td>Home Loan Interest<\/td><td>Interest on loan for residential house property (loan sanctioned between Apr 2016 &#8211; Mar 2017)<\/td><td>\u20b9 50,000<\/td><\/tr><tr><td>80EEA<\/td><td>First-Time Home Buyer<\/td><td>Interest on loan for first-time home buyers (loan sanctioned between Apr 2019 &#8211; Mar 2022)<\/td><td>\u20b9 1,50,000<\/td><\/tr><tr><td>80EEB<\/td><td>Electric Vehicle Loan<\/td><td>Interest on loan for electric vehicle purchase (loan sanctioned between Apr 2019 &#8211; Mar 2023)<\/td><td>\u20b9 1,50,000<\/td><\/tr><tr><td>80G<\/td><td>Donations<\/td><td>Donations to prescribed funds, charitable institutions, etc.<\/td><td>100% to 50% deduction<\/td><\/tr><tr><td>80GG<\/td><td>Rent Paid<\/td><td>Rent paid for house (applicable to self-employed or HRA not part of salary)<\/td><td>As per calculation<\/td><\/tr><tr><td>80GGA<\/td><td>Scientific Research<\/td><td>Donations for scientific research or rural development<\/td><td>As per category made by government such as Research Association or University, College, or other Institution for Scientific Research, etc.<\/td><\/tr><tr><td>80GGC<\/td><td>Political Donations<\/td><td>Donations to political party or electoral trust<\/td><td>As per donation<\/td><\/tr><tr><td>80TTA<\/td><td>Savings Account Interest<\/td><td>Interest received on savings accounts by non-senior citizens<\/td><td>\u20b9 10,000<\/td><\/tr><tr><td>80TTB<\/td><td>Senior Citizens&#8217; Deposits<\/td><td>Interest received on deposits by resident senior citizens<\/td><td>\u20b9 50,000<\/td><\/tr><tr><td>80U<\/td><td>Disability<\/td><td>Deductions for resident individuals with disability<\/td><td>\u20b9 75,000 to \u20b9 1,25,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"6-what-are-the-benefits-of-income-tax-return-filing\"><span class=\"ez-toc-section\" id=\"What_are_the_Benefits_of_Income_Tax_Return_Filing\"><\/span>What are the Benefits of Income Tax Return Filing?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You can benefit in numerous ways if you do timely income tax filing:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2022 Loan Approval:<\/strong> Timely ITR filings improve credibility and ease loan approval processes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2022 Refund Claims:<\/strong> It enables claiming refunds for excess tax paid during the financial year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2022 Visa Processing:<\/strong> Embassies often require past ITR receipts as proof of income during visa applications.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Tax filing is not just a statutory requirement but also a crucial component of your financial health and planning.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"7-penalty-for-late-income-tax-return-filing\"><span class=\"ez-toc-section\" id=\"Penalty_for_Late_Income_Tax_Return_Filing\"><\/span>Penalty for Late Income Tax Return Filing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The new section 234F imposes a late filing fee if you submit your income tax return after the due date. The late fee for ITR varies based on the timing of your return submission.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Submitting the return on or before the 31st day of December of the assessment year incurs a fee of Rs 5,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, filing the return after the 31st day of December of the assessment year increases the fee to Rs 10,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If your annual income is less than Rs 5 lakh, the fee caps at a maximum of Rs 1,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Penal Interest on Due Taxes<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Delaying the filing of tax returns also results in interest charges if income taxes are due. Interest begins accruing from the first instalment of advance tax.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To avoid interest charges, experts always recommend filing your tax return early, between April 1 and July 31, every financial year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now that you know all the important dates for income tax return filing for 2024, here is a tax filing checklist that can help you streamline the process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"8-simplified-checklist-for-stress-free-tax-filing-\"><span class=\"ez-toc-section\" id=\"Simplified_Checklist_for_Stress-Free_Tax_Filing\"><\/span><strong>Simplified Checklist for Stress-Free Tax Filing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tax Filing Checklist<\/strong> Before you file your income tax for 2024, ensure you have the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u00a0PAN and Aadhaar number<\/strong><\/li>\n\n\n\n<li><strong>\u00a0Form 16 from your employer\u00a0<\/strong><\/li>\n\n\n\n<li><strong>Bank statements\u00a0<\/strong><\/li>\n\n\n\n<li><strong>Proof of investments<\/strong><\/li>\n\n\n\n<li><strong>Details of deductions claimed\u00a0<\/strong><\/li>\n\n\n\n<li><strong>Previous year&#8217;s tax return<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">As the income tax return filing season looms closer, it\u2019s time to plan ahead to avoid any last-minute headaches.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s a ten-point checklist to ensure smooth sailing through the tax compliance process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"9-choosing-the-right-itr-form-\"><span class=\"ez-toc-section\" id=\"Choosing_the_Right_ITR_Form\"><\/span><strong>Choosing the Right ITR Form<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ensure you pick the correct Income Tax Return (ITR) form for the fiscal year 2023-24 based on your circumstances.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"10-determining-residential-status-\"><span class=\"ez-toc-section\" id=\"Determining_Residential_Status\"><\/span><strong>Determining Residential Status<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Your physical presence in India during the fiscal year 2023-24 determines your residential status. Ensure you meet the criteria for residency or non-residency to accurately report your income.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"11-choosing-between-tax-regimes-\"><span class=\"ez-toc-section\" id=\"Choosing_Between_Tax_Regimes\"><\/span><strong>Choosing Between Tax Regimes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Evaluate whether to opt for the new default tax regime or stick with the earlier one. This choice can significantly impact your tax liabilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em><a href=\"https:\/\/shoonya.com\/blog\/new-vs-old-tax-regime\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Know the difference between old and new tax regimes.<\/mark><\/a><\/em><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"12-downloading-26as-and-ais-\"><span class=\"ez-toc-section\" id=\"Downloading_26AS_and_AIS\"><\/span><strong>Downloading 26AS and AIS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Don&#8217;t forget to download the latest Form 26AS and Annual Information Statement (AIS) for the fiscal year 2023-24 to cross-verify your income and tax credits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"13-documenting-income-sources-\"><span class=\"ez-toc-section\" id=\"Documenting_Income_Sources\"><\/span><strong>Documenting Income Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Maintain proper documentation for various sources of income, including salary, investment income, rental income, business income, and family member\u2019s income.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"14-claiming-deductions-and-exemptions-\"><span class=\"ez-toc-section\" id=\"Claiming_Deductions_and_Exemptions\"><\/span><strong>Claiming Deductions and Exemptions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Keep records of tax deductions for insurance premiums, donations, and eligible investments. Preserve proofs for <strong>capital gains<\/strong> exemptions and foreign tax credits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"15-foreign-tax-credit-and-tax-residency-certificate-\"><span class=\"ez-toc-section\" id=\"Foreign_Tax_Credit_and_Tax_Residency_Certificate\"><\/span><strong>Foreign Tax Credit and Tax Residency Certificate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Resident individuals can claim credit for foreign taxes paid on doubly taxed foreign income. Non-residents should obtain a tax residency certificate and evaluate treaty benefits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"16-completing-key-schedules-\"><span class=\"ez-toc-section\" id=\"Completing_Key_Schedules\"><\/span><strong>Completing Key Schedules<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ensure you provide details of assets, liabilities, directorships, and unlisted equity shares if your income exceeds \u20b950 lakhs. Complete Schedule FA if you&#8217;re an ordinary resident with foreign assets and income.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"17-timely-tax-filings\"><span class=\"ez-toc-section\" id=\"Timely_Tax_Filings\"><\/span>Timely Tax Filings<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Don&#8217;t procrastinate! Ensure you complete your income tax filing on time to avoid penalties and stay compliant with tax regulations.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"18-stay-informed-and-confident\"><span class=\"ez-toc-section\" id=\"Stay_Informed_and_Confident\"><\/span>Stay Informed and Confident<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Lastly, stay informed about tax laws and regulations to approach the tax season with confidence.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Remember, it&#8217;s important to file your taxes on time to avoid penalties and ensure compliance with the tax laws.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"19-conclusion\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Timely income tax filing forms an important part of financial responsibility. It helps ensure compliance, aids in easy loan approvals, and much more. By choosing the correct ITR form, understanding available deductions, and adhering to the ITR filing due date, you can maintain your financial records in good standing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"20-faqs-tax-filing-2024-\"><span class=\"ez-toc-section\" id=\"FAQs_Tax_Filing_2024\"><\/span><strong>FAQs| Tax Filing 2024<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1715061526794\"><strong class=\"schema-faq-question\"><strong>What is tax filing?<\/strong><\/strong> <p class=\"schema-faq-answer\">Income Tax Return (ITR) filing means reporting your yearly taxable income, applicable deductions, and tax payments to the Income Tax Department in India.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715061533154\"><strong class=\"schema-faq-question\"><strong>When can I file an income tax return?<\/strong><\/strong> <p class=\"schema-faq-answer\">You can file your Income Tax Return (ITR) for a financial year from April 1st of the following year until July 31st of the assessment year.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715061541930\"><strong class=\"schema-faq-question\"><strong>When to file an income tax return in 2024?<\/strong><\/strong> <p class=\"schema-faq-answer\">The deadline to file an Income Tax Return without a late fee for the financial year 2023-24 is July 31, 2024.<\/p> <\/div> <\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source<\/strong>&#8211; <a href=\"https:\/\/incometaxindia.gov.in\/Lists\/Press%20Releases\/Attachments\/1126\/PressRelease-CBDT-notifies-Income-Tax-Return-Forms-for-AY-2023-24-15-2-23.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">incometaxindia.gov.in<\/mark><\/a>, <a href=\"https:\/\/incometaxindia.gov.in\/Acts\/Finance%20Acts\/2017\/102120000000064631.htm\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">incometaxindia.gov.in<\/mark><\/a>, <a href=\"https:\/\/www.incometax.gov.in\/iec\/foportal\/help\/individual\/return-applicable-1\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">incometax.gov.in<\/mark><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/shoonya.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark><\/a>: Investments in the securities market are subject to market risks; read all the 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The due date for income tax filing for the year starts looming. It&#8217;s no secret, but it does. Filing taxes is a crucial part of the financial responsibility of Indian citizens.&nbsp; Today, we will share a tax filing &hellip; <a href=\"https:\/\/shoonya.com\/blog\/tax-filing\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Income Tax Filing|What You Need to Know for Tax Season&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":7589,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[764],"tags":[3854,3858,3856,3857,3859,3855],"class_list":["post-7587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax","tag-income-tax-filing-last-date","tag-income-tax-itr-filing-due-date","tag-income-tax-return-filing","tag-tax-deductions","tag-tax-filing","tag-tax-filing-checklist"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Income Tax Filing: Checklist and Deadlines For FY 2023-24<\/title>\n<meta name=\"description\" content=\"The income tax filing deadline varies based on the taxpayer category. For individuals, HUFs, AOPs, and BOIs, the FY 2023-24 deadline is July 31, 2024.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shoonya.com\/blog\/tax-filing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income Tax Filing: Checklist and Deadlines For FY 2023-24\" \/>\n<meta property=\"og:description\" content=\"The income tax filing deadline varies based on the taxpayer category. 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