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

Income Tax Return: As the tax filing season for the assessment year 24-25 gains momentum, official data reveals that a notable 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 the same period.

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

The figures highlight the active participation of taxpayers in fulfilling their 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 their civic duties and contribute to the nation's revenue, tax experts.

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

E-file your ITR for FY 2023-24

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

Logging In

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

Accessing ‘File Income Tax Return

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

Selection of Assessment Year

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

Indicating Filing Status

• Select your filing status, whether Individual, HUF, or Others. For most individuals, 'Individual' is the applicable status.

Choosing the ITR Type

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

Validation of Pre-filled Information

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

E-verification of ITR

• The final step involves verifying your return within the stipulated time frame (30 days). 
• Failure to verify is akin to not filing at all. 
• Choose a verification method such as Aadhaar OTP, EVC, Net Banking, or physical ITR-V submission.

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