How To File ITR For AY 2024-25: Step By Step Guide For Income Tax Return

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.

Don't Forget to Link Aadhaar! The Income Tax Department says it's very important to link your Aadhaar card with your PAN card on their website before you file your tax return.

Who Cannot File ITR-1 For AY 2023-24?

The ITR-1 form is great for many people, but it's not for everyone. Here's who shouldn't use it, as per the Income Tax Department.

• Income over ₹50 lakh
• Company director or unlisted shares
• Living abroad (RNOR or non-resident)
• Other income that disqualifies you:
• Income from more than one property
• Lottery winnings, gambling income
• Taxable capital gains
• High agricultural income (over ₹5,000)
• Business or professional income
• Assets or accounts outside India
• Claiming foreign tax relief
• Deferred income tax on ESOPs
• Cryptocurrency earnings
• TDS deducted under section 194N

What Are The Documents Needed To File ITR?

Here's a list of documents you'll need to file your ITR, specifically for ITR-1:

• Form 16: This form is provided by your employer and details your salary income and the Tax Deducted at Source (TDS) throughout the financial year.
• Form 26AS: This consolidated Tax Credit Statement can be downloaded from the Income Tax e-filing portal and shows all taxes deposited to the government on your behalf. It's important to verify that the TDS mentioned in your Form 16 matches the TDS reflected in Part A of your Form 26AS.
• PAN Card: Your Permanent Account Number (PAN) is mandatory for filing any Income Tax Return.
• Bank Statements (Optional): While not always required, bank statements might help verify other income sources or transactions reflected in your ITR.
• Investment Proofs: If you claim deductions under sections like 80C (investments in PPF, ELSS mutual funds, etc.) or 80D (medical insurance premiums), keep the relevant investment certificates or receipts handy.

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:

1. Register or Login: Visit the Income Tax e-filing portal and either register for a new account or log in to your existing account.
2. Navigate to ITR Filing: Select "e-file" followed by "Income Tax Returns" and then "File Income Tax Return."
3. Choose Assessment Year & Mode: Choose the assessment year as 2024-25 and select "Online" as the filing mode.
4. Start New Filing: Click on "Start New Filing."
5. Select Status & ITR Form: Choose your applicable filing status (individual, etc.) and select ITR-1 as the form type.
6. Reason for Filing: Select the appropriate reason for filing your return and click "Continue."
7. Complete ITR Sections: You'll need to fill out five main sections:
8. Personal Information: Enter your basic details like name, PAN, Aadhaar number, contact information, and bank account details.
9. Gross Total Income: Report your income from all sources.
10. Total Deductions: Claim deductions allowed under various sections of the Income Tax Act (e.g., 80C, 80D).
11. Tax Paid: This section displays your tax payments from TDS, TCS, advance tax, and self-assessment tax.
12. Total Tax Liability: This section shows your calculated tax liability based on the information provided.
13. 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.

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