ATK
New Delhi [India], June 12: As the financial year comes to a close, it’s time to turn our attention to one of the most critical tasks for taxpayers: filing the Income Tax Return (ITR). The Income Tax Return Filing 2024 season has started, and meeting the deadlines is crucial to avoid penalties and ensure compliance.
There are certain ITR filing deadlines for FY 23-24 you must know about to stay on track and never miss an ITR filing deadline.
Why Filing Your ITR on Time Matters?
Filing your ITR on time is more than just a legal requirement; it’s a reflection of your financial discipline. Timely filing helps you avoid late fees, allows you to carry forward losses, and can speed up the processing of refunds. The deadline for ITR filing for individuals is July 31, 2024. Missing this date can result in penalties up to INR 10,000 and interest on any tax due.
Note: Filing ITR after the due date attracts interest under section 234A and penalty under section 234F.
Key ITR Filing Deadlines to Watch Out in 2024
Note: ITR filing after 31st July is allowed but subject to penalties and interest.
Common ITR Filing Challenges
Despite the importance of timely ITR filing, it is also true that ITR filing can be a daunting process, especially for those who are new to it. Here are some common challenges you might face while filing ITR online –
* Understanding Tax Laws: Tax laws are constantly changing, and staying updated can be overwhelming.
* Document Management: Gathering all necessary documents, such as Form 16, investment proofs, and other income records, can be tedious.
* Accuracy: Ensuring that all details are accurate and compliant with the tax regulations is critical to avoid notices from the tax department. Taking help from tax experts can help ensure greater accuracy.
* Time-Consuming: The entire process can be time-consuming, especially for those who are unfamiliar with the e-filing portal.
What Happens if You Miss the ITR Filing Due Date?
– Interest – If you fail to file your ITR by the due date, you will have to pay interest @1% under section 234A.
– Late Fee – A late fee of Rs 1,000 is applicable on income below Rs 5 lakhs and Rs 5,000 on income above Rs 5 lakhs.
– Carry Forward of Losses – Any losses incurred from sources like mutual funds, properties, and stock markets can be carried forward and offset against your income. If you fail to file your ITR by the last date, you are not allowed to claim this benefit.
– Belated Return – If you miss the ITR filing due date, you can still file a belated return till 31st December. However, this comes with a late fee in the form of interest and penalty.
Tax2win: Your Partner in Stress-Free ITR Filing
Tax2win offers a user-friendly online platform designed to simplify your tax filing process. Here’s how we can help:
Self Online ITR Filing
If you are someone who has little knowledge about taxes, you can file your ITR through our user-friendly and AI-integrated platform in less than 4 minutes. Tax2win’s DIY ITR filing platform automatically selects the applicable ITR form, auto-populates your basic details, and computes your income as per both regimes.
All you have to do is –
* Select your source of income.
* Upload Form 16. If you don’t have Form 16, you can continue without it.
* Enter a few details about your income, deductions, bank details, etc.
* Get your tax computed under both the old and new regimes.
* File ITR successfully.
Get started now and file your ITR.
CA-Assisted ITR Filing
If you find taxes overwhelming, don’t worry! Tax2win has a network of highly experienced CA’s who are just one-call away with its CA-assisted ITR filing services. These experts provide personalized guidance, ensuring that your tax returns are accurate and compliant with the latest tax laws. From tax planning to online ITR filing, we handle it all, giving you peace of mind and saving you valuable time.
All you have to do is
– Schedule an appointment with our tax experts.
– Provide the necessary documents.
– Let our experts file your ITR for you.
Hire an Online CA and relax while they handle your taxes for you.
Why Choose Tax2win?
With over 10 years of industry experience, Tax2win has earned the trust of more than 1 million users. Our 4.8-star rating is a testament to our commitment to customer satisfaction. Here’s what sets us apart:
* Expertise: Our team of CAs and tax professionals are always up-to-date with the latest tax laws and regulations.
* Convenience: File your taxes from the comfort of your home at your convenience.
* Affordability: Our services are competitively priced, offering great value for your money.
* Security: We prioritize your data security, ensuring that your information is safe and confidential.
Don’t Miss the Last Date to File ITR
As the July 31, 2024 deadline approaches, now is the perfect time to get started on your ITR filing. Whether you choose our CA-assisted ITR Filing or our easy-to-use online ITR filing platform, Tax2win is here to make the process seamless and stress-free.
Take the Next Step with Tax2win
Ready to file your ITR? Visit Tax2win today and make taxes super easy. Let us help you navigate the complexities of tax filing so you can focus on what truly matters.
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