CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Tue, 07 May 2024 05:17:57 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 Tax Season Update: Over 7 Lakh Returns Filed So Far for Assessment Year 24-25 https://www.nyca.in/tax-season-update-over-7-lakh-returns-filed-so-far-for-assessment-year-24-25/ https://www.nyca.in/tax-season-update-over-7-lakh-returns-filed-so-far-for-assessment-year-24-25/#respond Tue, 07 May 2024 05:01:39 +0000 https://www.nyca.in/?p=9315 Discover the latest tax season update! Learn how taxpayers are meeting their obligations with over 7 lakh returns filed so far. Find out more about filing Income Tax Returns online.

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As taxpayers gear up for the tax filing season for the assessment year 24-25, recent data from official sources sheds light on the progress made in filing returns. The figures reveal that a substantial number of returns have already been processed, indicating a proactive approach from taxpayers in meeting their tax obligations. Let’s delve into the details of this tax season update and explore the steps involved in filing Income Tax Returns (ITRs) online.

  • Filing Status Overview
  • Total Returns Filed: 7,17,118
  • Verified Returns: 6,50,091
  • Processed ITRs: 4,42,683
  • Taxpayer Participation and Compliance

The significant number of verified returns underscores the active participation of taxpayers in adhering to tax regulations. Tax authorities attribute this positive trend to the concerted efforts of both taxpayers and regulatory bodies in ensuring timely compliance and accurate filing.

  • Ease of Online Filing

Filing ITRs has been made more convenient with the introduction of online platforms. The Income Tax Department’s e-filing portal offers a seamless experience, enabling taxpayers to file their returns from the comfort of their homes or offices.

  • Steps to File Income Tax Returns (ITRs) Online

Logging In

  • Visit the official Income Tax e-filing website and click on 'Login'.
  • Enter your PAN in the User ID section and proceed by clicking ‘Continue’.
  • After verifying the security message, enter your password and continue.

Accessing ‘File Income Tax Return’

  • Navigate to the 'e-File' tab, then click on 'Income Tax Returns' followed by ‘File Income Tax Return’.

Selection of Assessment Year

  • Choose the Assessment Year corresponding to the financial year you're filing for (e.g., AY 2024-25 for FY 2023-24). Ensure the filing mode is set to ‘Online’.

Indicating Filing Status

  • Select your filing status (Individual, HUF, or Others), with 'Individual' being the applicable status for most individuals.

Choosing the ITR Type

  • Select the appropriate ITR form based on your income sources (ITR 1 to 4 for Individuals and HUFs).

Reason for Filing ITR

  • Specify the reason for filing your returns accurately from the given options.

Validation of Pre-filled Information

  • Review the pre-filled details such as PAN, Aadhaar, contact information, and bank details. Ensure accuracy and provide any additional information required.

E-verification of ITR

  • Verify your return within the stipulated time frame (30 days) using Aadhaar OTP, EVC, Net Banking, or physical ITR-V submission.

‘Pay Later’ Option

The Income Tax e-filing portal now offers a ‘Pay Later’ option, allowing taxpayers to complete the filing process before making tax payments.

Source: https://www.republicworld.com/business/personal-finance/over-7-lakh-returns-filed-in-tax-season-for-assessment-year-24-25/?amp=1

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