https://www.ganashri.com – Bangalore – 31st May 2024
ITR, stands for an Income Tax Return is a form, you have to submit to the income tax department, that carries information about your annual income and the taxes you are liable to pay on income during the year in general.
The whole process of filing of ITR and its forms are governed by The Income Tax Act, 1961, its amendments and its rules made thereon from time to time. Filing your ITR is legitimate obligation as per the Income Tax Act, 1961. The IT department has notified 7 various ITR forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till today.
Advantages of filing an ITR:
- Being compliant.
- Claiming income tax refund.
- To carry forward losses.
- Avoiding penalties.
- Easy loan approval.
- Acts as income and address proof.
- Quick Visa processing.
- Helps in buying the term insurance.
- Overseas education.
Disadvantages of filing an ITR:
- Become non-compliant.
- Legal consequences.
- You can’t carry forward losses.
- End up paying late filing fees, penalty and interest as applicable from time to time.
Applicability of filing an ITR:
Under the old regime, individuals below 60 years of age have to file an ITR, if their income exceeds INR.2.50 Lakhs, and individuals above 60 years of age have to file an ITR if their income is more than INR.3.00 Lakhs.
However, under the new regime, the basic exemption limit for individuals below the age of 60 years is INR.3.00 Lakhs.
In addition to the basic exemption limit, certain other conditions may also require individuals and businesses to file an ITR, such as:
- If an individual has deposited more than INR. 1.00 Crores or INR. 50.00 Lakhs in one or more current and savings bank accounts, respectively.
- If an individual has incurred an expenditure exceeding INR. 2.00 Lakhs for himself or any other person for foreign travel.
- Has incurred an expenditure exceeding INR. 1.00 Lakh towards electricity payment in a year.
- The person being resident individual, who is a beneficial owner or beneficiary of any asset outside India.
- If the TDS/TCS of a person is more than INR.25,000.00. However, this threshold is INR.50,000.00 for senior citizens.
- For professionals, if the gross receipts exceed INR. 10.00 Lakhs.
- Individuals having an annual sales turnover of more than INR.60.00 Lakhs are required to file an ITR.
- If the individual is claiming a tax refund or wants to carry forward losses to the next financial year.
- To effect the capital gain and or loss on investments.
- The person being resident individual, who is authorised signatory in any account outside India.
Due Date (FY – 2023-24)
| SL # | Particulars | Due Date |
| 1 | Individual / HUF/ AOP/ BOI (Non tax Audit / 44AB cases) | 31st July 2024 |
| 2 | Tax Audit / 44AB cases | 31st October 2024 |
| 3 | Assessees in case of international / specified domestic transactions – TP | 30th November 2024 |
| 4 | Revised / belated return | 31st December 2024 |
Checklist of documents
- Income Tax Login credentials.
- PAN copy.
- Aadhaar copy.
- Email ID.
- Mobile Number.
- Your current address with PIN.
- Form – 16.
- Form – 16 workings / IT computation sheet for the year.
- Realised gain / loss statement from Demat account / app / service provider for the year in XLS format.
- All the bank account statements for the year (Preferably in XLS format with remarks for the credits).
- Cancelled cheque / bank account details (Account number, name, address and IFSC) of all the bank accounts.
- Assets and liabilities details (If your income is more than INR.50.00 Lakhs).
- Virtual Digital Assets (VDA) statement in XLS format (i.e., Crypto).
- House property income / loss details.
- Housing loan interest certificate for the year.
- Self-occupied / let out property address with PIN along with rental income details, if any.
- Form – 26AS – Annual Tax Statement.
- AIS – Annual Information Statement.
- TIS – Taxpayer Information Summary.
- In case, if you have any or all other income details, savings details / assets and liabilities details and or inputs.
We tried our level best to explain the basics of individual ITR in general. Please do make sure to file your ITR on time to avoid any future consequences. Would like to explore more, please stay tuned to us https://www.ganashri.com
About Ganashri
At Ganashri, we help to build the nation by giving the quality services to our clients on time every time. Ganashri Tax Accounting is an Accounting Firm based out of Bangalore, India. Ganashri started its operations in June 2018. Our business sustainability is depending upon the triple bottom line, i.e., Planet, People and Profit.
Thank you for your time.
Ganashri Advisers India LLP | +91 94801 18310 |https://www.ganashri.com | cg@ganashri.com |
Disclaimer
This document has been issued in the general interest of knowledge transfer purpose and it cannot be construed in any other manner whatsoever.
Bangalore
31st May 2024