Marking a transformative approach in the tax filing domain, the Central Board of Direct Taxes (CBDT) has ushered in the Assessment Year (AY) 2024-25 with an enabling move for taxpayers. As of the 1st of April, 2024, the process of filing Income Tax Returns (ITRs) aligning with the Financial Year (FY) 2023-24 has been significantly streamlined.
Critical Advancements in ITR Filing:
- Early Filing Activation: Access to file ITRs-1, 2, 4, and 6 is granted from the beginning of the fiscal year, promoting prompt compliance.
- Proactive Notifications: CBDT has pre-emptively notified these forms well before the fiscal year start, aiding taxpayers in their preparatory steps.
- Technological Enhancements: Upgrades to the e-filing portal include the integration of JSON Schemas for ITRs and Tax Audit Reports to aid e-Return Intermediaries (ERI).
Notable Achievements:
- Quick Engagement: An impressive count of about 23,000 ITRs for AY 2024-25 have already been filed, showcasing the initiative’s success.
- Extended Facilities: ITRs 3, 5, and 7 are set to be released, providing a full spectrum of filing options to taxpayers.
eFileTax’s Guide to Effective ITR Filing:
Pre-filing Checklist:
- Review and gather all necessary financial statements for FY 2023-24.
- Verify the category of ITR form applicable to you or your business.
- Keep an eye on updates for the availability of remaining ITR forms.
Steps for Filing:
- Access the Income Tax e-Filing portal.
- Choose the relevant ITR form tailored to your income and filing requirements.
- Carefully populate the form with accurate financial information.
- Submit your ITR, ensuring all entries are thoroughly verified.
Compliance Timeline:
- Filing Start Date: April 1st, 2024.
- Filing Due Date: July 31st, 2027.
Frequently Asked Questions:
- Who is eligible to file ITRs from April 1st?
- Every taxpayer who falls under the purview of the notified ITR forms (1, 2, 4, and 6) is eligible, with more forms to be available soon.
- What changes should taxpayers expect in the documentation for AY 2024-25?
- While the required documentation remains consistent, taxpayers must ensure that all financial details for FY 2023-24 are accurately captured.
- What are the advantages of early ITR filing?
- Early filing allows taxpayers to avoid the rush near the deadline, provides ample time for corrections, and ensures peace of mind with early compliance.
eFileTax recommends taking advantage of CBDT’s early filing provision to ensure a smooth tax filing experience. With the deadline set for 31st July 2027, there’s ample time to prepare, file, and ensure compliance with ease.