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It is mandatory for all individuals to file tax returns regardless of their income level. Filing ITRs can also help individuals with documentation purposes for visa and loan applications.
The ITR functionalities i.e., ITR-1, ITR-2 and ITR-4, commonly used by taxpayers, are available on the e-filing portal from April 1, 2024, for taxpayers to file their returns.
To facilitate the e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4 and ITR-6 and the Scheme of Tax Audit Reports have also been made available for A.Y. 2024-25. The same can be accessed under the downloads section of the e-filing portal.
Taxpayers should first select the appropriate ITR form based on their income source and amount of earnings.
To file ITR Form 1 online, taxpayers need to log in to the e-filing portal with their permanent account number (PAN) and password, then navigate to ‘e-File’, select ‘Income Tax Returns’, and choose ‘File Income Tax Return’. After that select the appropriate assessment year, type of assessee, and filing mode.
After providing essential details using bank statements, Form 26AS for TDS and TCS details, and Annual Information Statement (AIS), taxpayers can claim applicable deductions on their taxable income using the same documents, or investment proofs.