As the new financial year 2024-25 commenced on April 1, 2024, taxpayers embarked on their journey of fulfilling income tax obligations.
With the start of the assessment year 2025-26, the Income Tax Department promptly released the necessary forms for filing Income Tax Returns (ITRs).
Filing Commencement and Statistics
- Filing for FY 2023-24 (AY 2024-25) began on April 1, 2024, with forms readily available.
- As of April 15, 2024, over 2.10 lakhs ITRs have been Filled, reflecting proactive taxpayer engagement.
- Approximately 1.94 Lakhs filings have been e-verified, showcasing a shift towards digital authentication.
- Notably, 1.22 Lakhs filings have undergone processing, highlighting the system’s efficiency in managing returns.
Importance of Patience and Verification
- While filings are underway, certain components such as Form 26AS and AIS might not be fully updated until after May 31.
- Taxpayers are advised to exercise patience and refrain from rushing into filing prematurely.
- It’s crucial to ensure all necessary documents and information are accurately reflected in the filings.
- Verifying Form 26AS to confirm TDS and TCS details is essential to prevent discrepancies.
Selection of Appropriate ITR Forms
- Taxpayers should select the most suitable ITR form based on their financial circumstances.
- Options include ITR-1 for salaried individuals, ITR-2 for capital gains or foreign assets, and ITR-4 for small businesses with presumptive income.
Resources for Assistance
- Attached are YouTube video links covering topics such as ITR-1 filing, ITR-2 filing, ITR-4 filing, and guidance on when not to file income tax returns.
- These resources aim to provide comprehensive guidance and insights to taxpayers, facilitating a smooth filing experience.
- The significant number of processed ITRs for FY 2023-24 highlights taxpayers’ commitment to fulfilling their tax obligations.
- By staying informed, exercising caution, and leveraging available resources, taxpayers can streamline the filing process and contribute to a transparent tax ecosystem.
- Remember, the deadline for filing ITR for FY 2023-24 is July 31, 2024. Stay informed, stay compliant, and ensure a hassle-free tax filing experience!
Visit www.cagurujiclasses.com for practical courses
