ITR Filing FY24: 6 key points taxpayers must know as July 31 deadline looms large

livemint.com:

income tax return (ITR) approaching fast, taxpayers are expected to be scurrying around to arrange the information required to for the return. Although it is advisable to file your tax return as soon as possible, it is not recommended to do it sans proper home work. For instance, one should know the correct income tax form to fill, the right tax regime to opt for, and link your aadhaar to PAN if you have yet not done it.

1. Online forms: The income tax department has already released the online and offline utility of all the income tax forms for financial year 2023-24. These include ITR-1, ITR-2, ITR-3, ITR-4 and ITR-6.

Choosing the right form is crucial, so you must first see which form is the right form for you. For instance, ITR-1 is meant for individuals who are resident (other than not ordinarily resident) having total income up to ₹50 lakh, who have income from salaries, one house property, other sources (interest etc), and agricultural income up to ₹5,000.ALSO READ | Income Tax: As ITR forms enabled to file returns, check here which form you would require2. Active account: You need to have a registered ID on income tax e-filing portal and an active PAN card to be able to file your tax return.

3. Offline utility: Although it is advisable to file the income tax form online, one can also file the form offline using the offline utility. The utility can be downloaded from the ‘downloads’ section from the portal.4.

Link Pan to aadhaar: Recently, income tax department (ITD) shared a social media post stating that taxpayers should link their PAN with aadhaar before May 31. If they have not done it, they should do it to avoid tax deduction at a higher rate. For this, they can refer to the CBDT circular number 6/2024 dated