As the July 31 deadline for Income Tax Return (ITR) approaches, many individuals are expected to rush to gather the required data. While it's advisable to file your tax return promptly, doing so without adequate preparation is not recommended. It's essential to understand which income tax form to file, which tax regime to opt for, and if not already done, how to link your Aadhaar number to your PAN.
Key Things to Noted by Every Taxpayers :-
Online Forms: All income tax forms for the fiscal year 2023–24 are now available online and offline through the income tax department. These include ITR-1, ITR-2, ITR-3, ITR-4, and ITR-6. Selecting the appropriate form is crucial, so determining which form suits your needs is the first step.
Active Account: To file your tax return, you need an active PAN card and a registered ID on the income tax e-filing system.
Offline Utility: While filing online is recommended, you can use the offline utility to file the income tax form offline. The tool is downloadable from the portal’s "downloads" page.
Link PAN to Aadhaar: Taxpayers must link their PAN to Aadhaar by May 31, as recently announced by the Income Tax Department (ITD). Failure to do so may result in higher tax deductions. For further information, refer to the April 23, 2024, CBDT circular number 6/2024.
Selecting A Tax Regime: It's essential to note that if you want to avail tax exemptions not offered by the new tax regime, you must opt for the old tax regime. Taxpayers must choose the old tax regime to pay income tax according to previous laws, as it is the default regime.
Tax Calculator: Taxpayers can use the tax calculator tool provided here to enter their income details and assess which regime is more advantageous for them. The tool offers a comparative analysis of the two tax systems.
