The Income Tax Department has enabled filing of returns  for the Assessment Year 2024-25 on its e-filing portal from the first day of the new fiscal year. Meanwhile, it has also simplified the mechanism for verification of returns post uploading. There is no change in the time limit for completing the verification process.

An advisory has been posted on the e-filing portal (https://www.incometax.gov.in) that the returns for ITR-1, 2 and 4 are enabled to file through online mode with pre-filled data at the portal. Unlike previous years when the Income Tax Department used to notify income tax return forms in April, this year the forms were notified well ahead of time. With the start of the new financial year, the tax department has enabled online and offline utilities of ITR forms. However, many salaried taxpayers will have to wait till the end of June to collect the required TDS certificates before they can start the ITR filing process.

There is no change in the calender for return filling -- normal due date for filing these returns is July 31, 2024. Assesses can revise by December 31, 2024. In case an assessee has not filed by July 31,2024, a belated return with fee can be filed by December 31, 2024. Also, an updated return can be filed by March 31, 2027.

A taxpayer can file his/her ITR either completely online on the tax department’s e-filing income tax portal or partially online, partially offline using the JSON and Excel utilities. The offline utilities can be downloaded from the e-filing income tax portal. Taxpayers can download the same to their system and use them to fill in their details. To get the pre-filled data in the offline utilities, taxpayers need to download pre-filled XML from their e-filing income tax account. Once the required details are filled in the offline utilities, the same is required to be uploaded on the e-filing website.

A taxpayer can file his/her income tax return completely online by logging into his/her account on the e-filing income tax portal. Once logged in, a taxpayer can file his/her return completely online under the ‘File income tax return’ option. Here, most of the taxpayer’s data is pre-filled online from their Annual Information Statement (AIS) and Form 26AS. However, tax experts advise that the pre-filed data must be cross-checked from their documents such as Form 16, Form 16A, any other TDS certificate, interest certificate, salary slips etc.

Return verifications

Once the returns are filed, assessees need to verify their returns. This can be done either through online (e-verification) or through sending a form (ITR-V) to Central Processing Centre, Bengaluru. A notification by IT System, dated March 31, clarified that in case of ITR is uploaded and e-verification/lTR-V is submitted within 30 days, date of uploading the return will be considered as the date of furnishing ITR and 30 days’ time period will be counted accordingly.

Late filing

However, if e-verification or ITR-V is submitted after 30 days of uploading, then the date of such submission will be treated as the date of furnishing the return of income. This could result in late filing of return and accordingly action will be initiated. It may be noted that date of receiving ITR-V at CPC will be considered for the purpose of determination of the 30 days period from the date of uploading of return of income.

“It is further clarified that where the return of income is not verified after uploading within the specified timeline (30 days from uploading the return), such return shall be treated as invalid,” the notification said.

Related Topics