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ITR Filing Last Date – Check

Itr Filing Last Date How To Check Itr 1 Or Itr 2 For Pensioners

ITR Filing Last Date:

How to check ITR-1 or ITR-2 for pensioners

 

31/7/2024,

Income Tax Return (ITR) filing date is fast approaching. People are struggling to fill out this form.

The Income Tax Return (ITR) is an important financial document that taxpayers submit to the Income Tax Department to give information about their annual income, expenses, tax liability and tax deductions.

Timely and correct filing of ITR provides various benefits to the taxpayer, such as tax refunds, bank loan facilities, visa processing assistance, etc. Here we are going to discuss the correct ITR form so that you know which form you have to file.      

Income Tax Return (ITR) filing date is fast approaching. People are struggling to fill out this form.

The Income Tax Return (ITR) is an important financial document that taxpayers submit to the Income Tax Department to give information about their annual income, expenses, tax liability and tax deductions. 

Under the Income Tax Return (ITR), every individual, firm, company or organisation, whose income exceeds a certain threshold limit, files an income tax return.

The process of filing ITR is possible through both online and offline modes, making it accessible to all sections of people. Here we are going to discuss the correct ITR form so that you know which form you have to file. 

Enter on time:

Timely and correct filing of ITR provides various benefits to the taxpayer, such as tax refunds, bank loan facilities, visa processing assistance, etc.

Beyond this, it also safeguards the taxpayer’s legal documents, preventing future legal issues of any kind.

To prevent any trouble, it is crucial to be aware of the income tax return filing deadlines and any modifications to the procedure.

What can be done after July 31st?

The Income Tax Department will decide if the deadline for filing income tax returns for the assessment year 2024–2025 or the financial year 2023–2024 will be extended. In the current evaluation year 2024–2025, the deadline for filing an ITR is July 31.

The Union Finance Ministry and the Income Tax Department have been encouraging taxpayers to file their ITRs on time to avoid penalties and other consequences, via email and SMS. Out of the 5.70 crore taxpayers who had filed their ITRs, 2.42 crore had been processed as of July 30.

How to fill ITR-1 or ITR-2 form Select:

Salaried taxpayers often find it difficult to choose the right ITR form, and there is often confusion about whether they should use ITR-1 or ITR-2. Choosing the right form depends on your income level and many other factors.

What is ITR-1?

According to ET, the ITR-1 form can be used by those citizens whose conditions are given below. However, they cannot use ITR-1 if they are non-residents or have income from other sources, such as capital gains or foreign income.

Total Income: Total income during the financial year should not exceed Rs 50 lakh.

Sources of income: Income should be from the following sources Salary Income from a residential property Family pension Agricultural income up to Rs 5,000 Other sources of income, such as Interest from a savings account Interest from the bank, post office, or cooperative society deposits Interest on income tax refund Interest on enhanced compensation Any other type of interest income Income of spouse or minor (which is not covered under the Portuguese Civil Code) if it falls within the above-specified limit.

Documents required for ITR-1:

  • Annual information statement (AIS) Download and review it, you can also download it from the app AIS – • Form 16 • Home Rent Slip is required if you are claiming Home Rent Allowance (HRA) •Investment payment receipts: Collect receipts for any tax-saving investments.

  • Premium receipts: Receipts of insurance premiums, if applicable.

Who it’s for ITR-2:

A salaried individual can use the ITR-2 form if they meet any of the following criteria:

  • Is a director of the company • Holds investments in unlisted equity shares •Sources of income:

Income from Salaries Income from more than one residential property Capital gains Income from foreign income and other source capital gains from selling virtual digital assets such as cryptocurrencies • Income range: Total income should be more than Rs 50 lakh.

  • Additional categories: Hindu Undivided Family (HUF) Non-Residential Person, or Resident Individual (Ordinary or Extraordinary). Agricultural income should be more than Rs 5,000 or TDS is applicable under Section 194N on certain cash withdrawals.

Is it necessary to verify the ITR?

After submission, the ITR must be verified. After a successful submission, the verification must be completed within 30 days, regardless of whether DSC or EVC mode was used. You can download the ITR-V receipt from the “View Filed Return” section, and you have 30 days to send it to CPC via quick post.

However, it is advisable to do online verification to avoid any postal issues.

How much time does it take to file an ITR?

According to the Income Tax Department, the refund comes to your bank account within 4 to 5 weeks of filing the ITR. At the same time, the process of refund starts after e-verification by taxpayers. If the PAN is inactive or the name is mismatched, the refund is withheld.

 

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