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Tag: ITR filing 2024

  • ITR Filing 2024: Easily Correct Mistakes With Discard ITR Option – Step-by-Step Guide Inside | Personal Finance News

    ITR Filing 2024: It’s quite common to miss some details or make a mistake when submitting your income tax return (ITR). Even with the best efforts to get everything right, errors can still slip through. But don’t worry—there are ways to fix these mistakes and ensure your tax return is accurate.

    Before the financial year 2022-23 (assessment year 2023-24) if you made a mistake on your income tax return then there was no way to correct it directly. You had to verify the ITR with the incorrect information and then file a revised ITR. However, now there’s a much easier solution! If you make a mistake, you can simply use the Discard ITR option to fix it quickly and easily. 

    How can you use the ‘Discard ITR’ option in the ITR e-filing portal?

    The ‘Discard ITR’ option is a handy feature provided by the Income Tax Department. It allows you to discard (delete) your filled-up ITR form and start over. Think of it like typing a draft email and then deleting all the content before sending it. You can write fresh content and send the email. This way, if you make a mistake in your ITR form, you can easily start again without any hassle.

    How to use the ‘Discard ITR’ option on the e-filing portal:

    Here’s a simple step-by-step guide:

    – Visit the Portal: Go to the income tax e-filing portal at https://www.incometax.gov.in/iec/foportal/.

    – Log In: Log in using your credentials.

    – Access ‘e-Verify Return’: Navigate to the ‘e-File’ tab and select ‘e-Verify Return’ under ‘Income Tax Returns.’

    – Find Your Unverified ITR: A new page will open, showing your unverified ITR.

    – Discard the ITR: You will see two options: ‘e-Verify’ and ‘Discard.’ Click on ‘Discard’ to delete your filled-up unverified ITR.

    Why is it important to avoid using the ‘Discard’ ITR option after July 31?

    It’s important to be cautious with the ‘Discard’ option after July 31, 2024. If you discard your ITR after this date, it might be considered that you missed the filing deadline for the financial year 2023-24. After July 31, you will only be able to file a belated ITR which may come with a penalty. So, it’s best to finalise your ITR before the deadline to avoid extra charges and complications.

  • ITR Filing 2024: ITR-1, ITR-2, ITR-4 Available On e-filing Portal; 23,000 ITRs For FY 23-24 Already Filed | Personal Finance News

    New Delhi: The Central Board of Direct Taxes (CBDT) has said that has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards.

    The ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their returns.

    Similarly, companies have also been able to file their ITRs through ITR-6 from April 1 onwards.

    As a precursor to this, the ITR forms had been notified early, beginning with ITRs 1 and 4 which were notified on December 22nd, 2023, ITR-6 was notified on 24th January 2024 and ITR-2 was notified on January 31st, 2024, CBDT said.

    To facilitate the e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4 and ITR-6 and Schema 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, according to the CBDT statement.

    In fact, about 23,000 ITRs for A.Y. 2024-25 have already been filed till date. Facility to file ITRs 3, 5 and 7 will be made available shortly, the statement said.

    This is for the first time in recent times that the Income Tax Department has enabled taxpayers to file their returns on the very first day of the new financial year, the statement added.