Ah, Tax season. Two little words that can trigger a wave of anxiety. But fear not! Filing your Income Tax Return (ITR) can be a breeze. This roadmap provides a clear, step-by-step approach to help you navigate your ITR for the financial year (FY) 2023-2024 (Assessment Year 2024-2025).
Who Is Eligible To File ITR-1 For FY 2023-24 (AY 2024-25)?
The ITR-1 form is a quick and simple one-page form for people living in India who earned ₹50 lakh or less during the year April 2023 to March 2024 (taxed in the year 2024-2025).
This form is perfect for you if your income only comes from:
- Your salary or pension (even if you get paid by multiple employers)
- Renting out one house property (not including situations where you’re carrying forward losses from previous years)
- Other sources like interest from savings accounts or investments (but not lottery winnings or racehorse income)
Important Note: If you’re filing a combined tax return with your spouse or minor child, their income must also come from these sources to use the ITR-1 form.
Read More: Income Tax: Donating money? Here’s how much tax you can save under these sections
How To File ITR-1 Online For FY 2023-24 (AY 2024-25)
Steps to file your ITR-1 online at the Income Tax Department’s e-filing portal.
Here’s a quick overview:
- Register or Login: Visit the Income Tax e-filing portal and either register for a new account or log in to your existing account.
- Navigate to ITR Filing: Select “e-file” followed by “Income Tax Returns” and then “File Income Tax Return.”
- Choose Assessment Year & Mode: Choose the assessment year as 2024-25 and select “Online” as the filing mode.
- Start New Filing: Click on “Start New Filing.”
- Select Status & ITR Form: Choose your applicable filing status (individual, etc.) and select ITR-1 as the form type.
- Reason for Filing: Select the appropriate reason for filing your return and click “Continue.”
- Complete ITR Sections: You’ll need to fill out five main sections:
- Personal Information: Enter your basic details like name, PAN, Aadhaar number, contact information, and bank account details.
- Gross Total Income: Report your income from all sources.
- Total Deductions: Claim deductions allowed under various sections of the Income Tax Act (e.g., 80C, 80D).
- Tax Paid: This section displays your tax payments from TDS, TCS, advance tax, and self-assessment tax.
- Total Tax Liability: This section shows your calculated tax liability based on the information provided.
- Verify & Submit: Double-check the tax computation summary for accuracy. Rectify any errors and complete the validation process. Finally, e-verify your ITR using one of the available methods.
