Have you filed your ITR yet? Well, it's that time of the year again and the July 31 deadline is fast approaching. Every year, many of us find ourselves scrambling to file our income tax returns at the very last moment. Sound familiar?
As of July 22, the Income Tax department reported that only 4 crore returns have been filed. So why was the delay? It's not just procrastination. Many taxpayers are facing issues like login failures, unresponsive pages, timeouts and difficulties with pre-filled data and uploading large files.
A recent survey, with 38,000 responses from 311 districts, shows that 49% of taxpayers haven't filed their returns yet. Even more concerning, 29% don't believe they'll make the July 31 deadline.
So, what should you keep in mind while filing your ITR?
For the financial year 2023-24, deciding between the old and new tax regimes is crucial. The government introduced a new tax regime to simplify the process and reduce the tax burden. Your choice depends on your income, deductions, exemptions and long-term financial plans. Generally, those without investments prefer the new tax regime, while those with financial goals and investments often stick to the old regime.
So here’s what you need to know before making a decision:
First, when you file your income tax return, the new tax regime is the default, but you can switch to the old regime during the filing process.
Second, if you earn income from business or profession, such as trading options or futures, you can switch out of the old tax scheme once but cannot revert to it again.
Next, the old tax regime includes exemptions like HRA, LTA and Chapter VI-A, while the new regime offers lower tax rates but eliminates most exemptions and deductions. Calculate your tax liability considering your investments and eligible deductions. Use online calculators or seek advice from a tax professional to assess your tax payable under both regimes.
Lastly, if you choose the old tax regime, you must file Form 10IEA with your income tax return, especially if you have income from business and profession. For all those who are not aware of this form, let me explain it to you...So Form 10IEA can be used by taxpayers to exercise their right to choose between the old or the new tax regime. But remember, this form can only be filed twice in a lifetime, i.e. one for opt out of the new tax regime and one for re-entering in to the new tax regime.
Now that you know the essentials, what are you waiting for? Hurry and file your ITR before the July 31 deadline...and as always don't forget to like, share and subscribe to News9 for all the latest on Budget 2024 and many such news updates.
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