Checklist for Filing Income Tax Return (ITR) for AY 2024-25

Necessary documents and information for Filing Income Tax Return (ITR) for Assessment Year (AY) 2024-25 & Checklist

Before filing your Income Tax Return (ITR) for the Assessment Year (AY) 2024-25, it’s important to ensure that you have all the necessary documents and information ready. Here’s a checklist to help you prepare:

1. Collect all relevant documents:

• • PAN (Permanent Account Number)
  • Form 16: Provided by your employer, detailing your salary income, tax deductions, and TDS (Tax Deducted at Source).
  • Bank Statements: Showing interest earned on savings accounts, fixed deposits, etc.
  • Proof of Investments: Details of investments in mutual funds, insurance premiums, pension funds, etc.
  • Income from other sources: Information on income from property, capital gains, business or profession, etc.
  • Details of Deductions: Under sections like 80C, 80D, 80G, etc. of the Income Tax Act.
  • Aadhaar Card Number
  • Bank Account Details: Account number, IFSC code, etc.

2. Choose the correct ITR form based on your income sources, residential status, and other criteria.

3. Fill out the ITR form carefully, ensuring all details are accurate.

4. Calculate your tax liability, making sure to include all sources of income and applicable deductions.

5. Claim deductions you are eligible for to reduce your taxable income.

6. Verify all the details in the ITR form before submission.

7. Submit the ITR on the Income Tax Department’s e-filing portal.

8. E-Verify your return after submission to complete the process.

The due dates for filing the Income Tax Return (ITR) for the Financial Year (FY) 2023-24 (Assessment Year AY 2024-25) are as follows:

• For individuals, HUFs, AOPs, and BOIs (whose accounts are not required to be audited): The last date to file ITR is July 31, 2024.
• For businesses requiring audit: The due date is October 31, 2024.
• For businesses requiring transfer pricing reports: The last date is November 30, 2024¹.
• For filing revised returns: The deadline is December 31, 2024.
• For filing belated/late returns: The last date is also December 31, 2024.
• For filing updated returns: The final date is March 31, 2027, which is two years from the end of the relevant Assessment Year.

Please note that if you miss the initial due date of July 31, 2024, you can still file a belated return before December 31, 2024, but it may involve a penalty or interest charges under Section 234A and Section 234F.

When filing your Income Tax Return (ITR) for the Assessment Year (AY) 2024-25, it’s crucial to take certain precautions to ensure accuracy and compliance with tax laws. Here are some important precautions to keep in mind:

1. Verify Your Personal Information: Double-check your PAN, Aadhaar number, and bank account details to ensure they are correct.

2. Choose the Right ITR Form: Select the appropriate ITR form based on your income sources and financial transactions during the year.

3. Report All Income Sources: Include all taxable income, such as salary, interest, dividends, capital gains, and income from house property.

4. Claim Eligible Deductions: Make sure to claim all the deductions you are eligible for under sections like 80C, 80D, etc., to reduce your taxable income.

5. Check Tax Credit Statements (Form 26AS): Ensure that the TDS and advance tax payments reflected in Form 26AS match the details in your ITR.

6. Disclose Foreign Assets: If applicable, disclose any foreign assets or income from abroad as per the statutory requirements.

7. E-File Before the Due Date: Submit your ITR well before the due date to avoid last-minute technical glitches and potential penalties.

8. Keep Documents Handy: Even though documents are not required to be attached with the e-filed ITR, keep them handy for any future queries from the Income Tax Department.

9. Use Digital Signature Certificate (DSC): If applicable, use a DSC to authenticate the return, which can expedite the processing.

10. E-Verify Your Return: After filing, e-verify your return through net banking, Aadhaar OTP, or EVC generated through bank account or Demat account.

11. Stay Updated on Tax Laws: Keep abreast of the latest tax rules and changes, such as the new default tax regime from FY 2023-24.

12. Seek Professional Help if Needed: If you’re unsure about any aspect of your ITR filing, consider consulting a tax professional.

Remember, filing an accurate and timely ITR is not only a legal obligation but also essential for availing certain financial benefits and avoiding penalties. If you have any more questions or need further assistance, feel free to ask.