Income Tax Return guide: Forms, benefits and important steps to file in 2023-24

Filing your Income Tax Return (ITR) is an important part of being a responsible citizen. It is a form that needs to be filled out by taxpayers to communicate the particulars of their income earned during a financial year and taxes paid on such income to the Income-tax department. This allows taxpayers to carry forward any loss and claim refunds from the income tax department. Different forms of returns of income are prescribed for filing of returns for different status and nature of income, which can be downloaded from the official website of the Income Tax Department.

It is crucial to remember that taxpayers are responsible for ensuring that the ITR form is filled out accurately, completely, and by the deadline. For various taxpayer classes, several forms of returns—referred to as ITR forms—are required. The Central Board of Direct Taxes (CBDT) has announced ITR forms 1-6, ITR-V (verification form), and ITR acknowledgement form in advance for the assessment year 2023–24 (i.e., financial year 2022-23). The timing of this action will allow taxpayers to make necessary preparations.

When submitting an ITR, the proper ITR form can be chosen by choosing "Help me decide which ITR Form" on the e-filing portal. If you are unsure of whether ITR, schedules, or information regarding your income and deductions apply to you, the system will direct you in making that determination and assist you in correctly and error-free submitting your ITR.

The Income-tax department has set up a separate portal for electronic filing of the income tax return. To electronically file their income tax return, taxpayers can visit the Income Tax Department's official website. Your obligation to file an income tax return gives you the honour of consciously aiding in the growth of the country. Additionally, it establishes your creditworthiness in the eyes of lending institutions and enables you to take advantage of several financial advantages like bank credits and other things.

Before filing your income tax return, you should gather all necessary documents related to your income, investments, and expenses such as Form 16, salary slips, bank statements, TDS certificates, investment proofs, and bills. You must also determine your income source, choose the correct ITR form that applies to you, verify the TDS details, claim all available deductions, calculate tax liability, verify your ITR, and keep a copy of the filed ITR as proof of having filed your return.

Filing your ITR smoothly and accurately is important to avoid any penalties or fines. Taxpayers are advised to check the official website of the Income Tax Department for more details and seek the assistance of a professional for any clarifications or queries.

Read more: Income Tax Return filing for senior citizens in India; all you need to know