Complete Guide to Income Tax Return Filing in Delhi - 2024
File your Income Tax Return (ITR) in Delhi with ease! This comprehensive guide by CA Adda covers everything you need to know for Assessment Year 2024-25 - deadlines, documents, forms, and expert tips for Delhi residents.
Complete Guide to Income Tax Return (ITR) Filing in Delhi - 2024
Insights by CA Adda - Income Tax Return or Tax Consultant in Delhi
Filing your Income Tax Return (ITR) can seem daunting, but it's a crucial process for every taxpayer in Delhi. This guide will simplify ITR filing for the Assessment Year 2024-25 (Income earned in the financial year 2023-24).
Who Needs to File an ITR in Delhi?
- Individuals with a taxable income exceeding the basic exemption limit.
- Individuals having income from sources like house property, capital gains, business or profession.
- Even if your income is below the exemption limit, filing an ITR can be beneficial for claiming tax refunds, visa applications, loan applications, etc.
Important Dates to Remember:
- July 31st, 2024: Due date for filing ITR for most salaried individuals (Form 16 available).
- December 31st, 2024: Due date for other cases (business income, foreign income, etc.).
Documents Required for ITR Filing:
- Form 16 (from your employer)
- Form 26AS (Tax Information Statement)
- Bank statements
- Investment proofs
- Property documents (if applicable)
- Proof of income from other sources
Choosing the Right ITR Form:
The Income Tax Department offers various ITR forms depending on your income source and nature. Here's a simplified breakdown:
- Salaried Individuals (with income from house property): ITR-2
- Salaried Individuals (without income from house property): ITR-1
- Business or Profession: ITR-3
- Capital Gains: ITR-2 or ITR-3 (depending on nature of gains)
Steps for ITR Filing:
- Gather Documents: Ensure you have all the necessary documents mentioned above.
- Download ITR Form: Go to the Income Tax Department's website (https://www.incometax.gov.in/iec/foportal/) and download the appropriate ITR form.
- Fill the ITR Form: You can either fill the form manually or use online filing software.
- E-verify your Return: Once filled, e-verify your return using Aadhaar, Net Banking, or EVC received via registered post.
Additional Tips for Delhi Residents:
- Consult a Chartered Accountant (CA): If your tax situation is complex, consider seeking guidance from a professional CA. They can advise on the most suitable ITR form, deductions, and ensure you file an error-free return.
- Beware of Fake Websites: Use only the official Income Tax Department website for ITR filing to avoid fraudulent activities.
- Claim all Deductions: Take advantage of deductions available under various sections of the Income Tax Act to reduce your tax liability. Common deductions include medical expenses, house rent allowance (HRA), interest on home loan, etc.
By following this guide and consulting with a CA if needed, you can ensure a smooth and hassle-free ITR filing experience in Delhi for the Assessment Year 2024-25. Remember, timely filing of ITR is essential to avoid penalties and interest charges - www.CaAdda.com
