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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
As a taxpayer, you can easily submit your Income Tax Returns (ITR) through online methods using the official portal of the Income Tax Department.
The online filing of ITR is an easy and convenient method, allowing an individual to file their taxes instead of having to rely on a tax practitioner.
As the deadline to file the income tax return (ITR) draws closer, numerous last-minute hustlers struggle with the procedure that seems complicated at face value. Right about now, your company’s account department will be chasing you for the tax-saving investment proof, Form-16, identification proof, etc. The maximum penalty a taxpayer is required to pay for missing a deadline is ₹10,000, so completing the procedure well before the stipulated time is advisable.
Individuals have the option to file their ITR online or offline. Online filing involves downloading the ITR preparation software, filling in details, generating a JSON (JavaScript Object Notation) file, and submitting it via the official e-filing portal. Offline filing requires downloading the ITR form, filling in details, gathering supporting documents, calculating tax liability, and submitting either physically or through electronic verification. Let’s go through it in detail.
The Income Tax Return is a form that should be submitted to the Income Tax Department of India after the financial year. As the name suggests, this form contains information about an individual’s income and the taxes that need to be paid on it. The ITR form enables the taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc. The information filled in the ITR pertains to a particular financial year starting from 1 April to 31 March of the following year. The different kinds of taxable income include:
You have the option to file taxes online through the official income tax e-filing portal. It is essential to choose between the “online” or “offline” filing methods when submitting your return via the government portal.
Step 1. Access the official website and utilize the designated option to log in.
Step 2. Download the ITR return preparation software, obtaining the essential Excel or Java utilities.
Step 3. The downloaded file will be in ZIP format.
Step 4. Extract the ZIP file and fill in the required fields within the utility.
Step 5. Ensure to click on “compute tax” after validating each sheet.
Step 6. Generate and save the XML utility.
Step 7. The Excel/Java tool is ready to upload to the website for electronic filing.
Step 8. Complete one of the six options for return verification before submitting the form.
Step 1. Visit the official website of the Income Tax Department and download the ITR form in either Excel or Java utility format, ensuring it corresponds to the relevant assessment year.
Step 2. Open the downloaded ITR form on your computer and provide the necessary details. Enter accurate information regarding your personal details, income, deductions, and tax liability per the form’s instructions.
Step 3. Gather all essential supporting documents, including Form 16, Form 26AS, TDS certificates, and pertinent financial statements, validating the information presented in your ITR.
Step 4. Determine your tax liability for the financial year using the appropriate tax slabs and deductions. If you have outstanding tax dues, settle them before filing your return.
Step 5. Ensure that all fields in the ITR form are accurately filled and free of errors. Thoroughly review the form to guarantee its accuracy and completeness.
Step 6. Once all necessary details are entered, use the provided utility to generate a JSON file of the ITR form. Save the JSON file on your computer.
Step 7. Upload the JSON file to submit the ITR form.
Step 8. Utilize methods such as Aadhaar OTP, net banking, or Electronic Verification Code (EVC) to complete the verification process with just a few clicks.
While the final budget for FY 2024-25 is yet to be presented, no major changes have been announced for tax filing for AY 2024-25 in the interim budget. However, based on the interim budget and other announcements, here is what you might need to know:
The tax rates and slabs introduced in the previous budget are likely to remain unchanged for AY 2024-25. This means you will pay the same income tax depending on your income bracket under both the old and new tax regimes.
The CBDT (Central Board of Direct Taxes) has released all ITR forms for AY 2024-25. These forms include new fields for disclosures like Legal Entity Identifier (LEI) number, acknowledgement number of the Audit Report and UDIN, and details of the Capital Gains Accounts Scheme.
The standard deduction ₹50,000 for salaried individuals and pensioners under old and new tax regimes remains unchanged.
Individuals and HUFs opting for the new tax regime with net taxable income up to ₹7 lakhs can now claim the full rebate under Section 87A, which was earlier available only under the old regime. This means you can get a tax rebate of up to ₹25,000.
If an individual’s gross total income exceeds the above-mentioned amount, they are mandatorily expected to file their ITR. In certain cases, even if the income does not exceed the mentioned amount, it is binding to file the returns. Following the current income tax laws, it is mandatory to file the ITR before the specified deadline if:
Before knowing how to file an income tax return online, it is important to gather all the necessary documents that will be needed to make the process easier. Here is a list of documents that will be needed for ITR filing online:
If you are a salaried taxpayer, Form-16 is a TDS certificate issued to you by your employer, which includes the salary paid to you and the TDS deducted from it. This form consists of two parts: Part A and Part B. The former includes the details of the tax deducted by your employer, your PAN number, and your employer’s TAN number. Part B of the form consists of the break-up of your gross salary, including exemption allowances, prerequisites, etc.
This certificate can be procured from banks or the post office to specify interest incomes such as savings accounts, fixed deposits, etc. Apart from this, you will also need to have the details of all the accounts you have held in the given financial year.
You need to reveal all the tax-saving investments you have made and the expenditures you have incurred under Section 80C of the Income Tax Act. The most common exemptions under Section 80C are:
Apart from these, you will also need the following:
While the Indian government presented the Union Budget for 2023-24 in February 2023, which specified the exemption limit for AY 2024-25, the final budget for 2024-25 is yet to be presented. However, the basic exemption limit for the financial year 2023-24 (AY 2024-25) varies depending on your age and chosen tax regime:
New Tax Regime |
Old Tax Regime |
₹3 lakh for individuals below 60 years of age |
₹2.5 lakh for individuals below 60 years of age |
₹5 lakh for senior citizens (aged 60-75 years) |
₹3 lakh for senior citizens (aged 60-75 years) |
₹7.5 lakhs for very senior citizens (aged above 75 years) |
₹5 lakh for very senior citizens (aged above 75 years) |
Understanding the significance of the Income Tax Return (ITR) and its role in declaring income, expenses, deductions, and investments, it becomes imperative for individuals to adhere to the filing requirements. a proactive and informed approach to income tax filing ensures compliance with legal requirements and contributes to financial planning and responsible citizenship. It is a crucial responsibility that, when executed diligently, can lead to a smoother and more rewarding financial journey.
1
You can file your income tax return by yourself by using online platforms, downloading the ITR form, and submitting it through the official e-filing portal.
2
To file your individual ITR for the first time, download the relevant ITR form, fill in the required details, and submit it online or offline.
3
The amount of tax-free income varies based on factors like age and the chosen tax regime. Refer to the latest tax rules for specific exemptions.
4
Not filing the ITR may result in penalties, and it is crucial to meet the deadline to avoid any financial consequences.
5
Filing ITR is compulsory for individuals whose gross total income exceeds specified limits or those meeting specific criteria, as mandated by tax laws.
1. TDS Rate Chart for FY 2023-24 (AY 2024-25)
2. Tax Season is Coming- Know How to Save Tax
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999