If you make this mistake while filing an ITR, the Income Tax Department will take strict action and can charge a hefty fine.
If you are going to file ITR for the first time, get it done by someone knowledgeable or do it under their supervision. Due to the mistake made due to lack of information, you may get a notice from the ITR department or you may also be fined heavily.
The last date to file an Income Tax Return (ITR) for the financial year 2023-24 is 31 July 2024. The month of July has started, so you have only this month left. If you live in India and are earning through any job or business, then you must file an income tax return. Even if you do not fall in the tax slab, you should still file ITR. It has many benefits in the future.
But if you are going to file ITR for the first time, then get it done by someone knowledgeable or do it under their supervision. A mistake made due to lack of information can get you a notice from the ITR department or you can also be fined heavily.
Choose the right form.
Several types of ITR forms are issued by the Income Tax Department, considering the income of different people and their means of earning. If you file ITR through the wrong return form due to lack of information, then you can be sent an IT notice by the Income Tax Department, although before sending the notice, the Income Tax Department also gives the person a chance to correct the mistake. Therefore, choose the right form to file ITR. If you do not have information, then take the help of an expert.
Income Tax Department can charge a penalty in these situations.
If you file a wrong return or deliberately underreport due to lack of information or to save or evade tax, then the Income Tax Department can take strict action against you if caught. In this situation, a penalty of 100% to 300% of the outstanding tax amount can be charged by the department.
How to file ITR
- Go to the official site of the Income Tax Department https://eportal.incometax.gov.in/iec/foservices/#/login.
- Log in by entering the ID password. After logging in, a page will open, where you click on e-file. After that click on File Income Tax Return option.
- Select Assessment Year 2023-24 and Continue.
- Here you will get the option of Online and Offline, you have to select Online and click on the 'Personal' option.
- Now choose the form that is suitable for you from ITR-1 or ITR-4 and Continue.
- If you are salaried then select ITR-1. After that, the form will be downloaded to your system.
- Then go to 'Filing Type' and select 139(1)- Original Return.
- Then the selected form will open in front of you, fill in all the required information in it and keep saving.
- Fill in the bank details very carefully. If you select OFFLINE mode above, then after filling in all the information in the download form, you will see the option of Attach File, where you have to attach your form.
- After attaching the file, the site will validate the file and after validation click on "Proceed To Verification". In this way, you can file ITR.
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