Tax season update: Over 7 lakh returns filed so far for assessment year 24-25

Income Tax Return: As tax filing season for assessment year 24-25 gains momentum, official data reveals that a table number of returns have already been processed. According to recent statistics released by tax authorities, a total of 7,17,118 returns have been filed as of May 2, with an additional 6,50,091 returns verified for same period.

Amongst verified returns, 4,42,683 Individual Tax Returns (ITRs) have been processed, reflecting diligent efforts of both taxpayers and tax authorities in meeting filing deadlines and ensuring compliance with tax regulations.

figures highlight active participation of taxpayers in fulfilling ir tax obligations, with 12,01,03,490 individual users registered for this year's filing season. This indicates a strong commitment amongst taxpayers to fulfil ir civic duties and contribute to nation's revenue, tax experts.

Filing Income Tax Returns (ITR) has become a breeze with advent of online platforms. Income Tax Department's e-filing portal offers a user-friendly interface, simplifying process for taxpayers.

E-file your ITR for FY 2023-24

Here’s how you can file your ITR online for financial year 2023-24 (Assessment Year 2024-25).

Logging In

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

Accessing ‘File Income Tax Return

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

Selection of Assessment Year

• Choose Assessment Year as per financial year you're filing for. For FY 2023-24, select ‘AY 2024-25’. Ensure filing mode is set to ‘Online’.

Indicating Filing Status

• Select your filing status, wher Individual, HUF, or Ors. For most individuals, 'Individual' is applicable status.

Choosing ITR Type

• Next, select appropriate ITR form based on your income sources. 
• ITR 1 to 4 are applicable for Individuals and HUFs, catering to different income scenarios.

Reason for Filing ITR

• Specify reason for filing your returns from given options, ensuring accuracy based on your situation.

Validation of Pre-filled Information

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

E-verification of ITR

• final step involves verifying your return within stipulated time frame (30 days). 
• Failure to verify is akin to t filing at all. 
• Choose a verification method such as Aadhaar OTP, EVC, Net Banking, or physical ITR-V submission.

Additionally, Income Tax e-filing portal w offers a 'Pay Later' option, allowing taxpayers to complete filing process before making tax payments.