{"id":120,"date":"2025-04-10T13:42:41","date_gmt":"2025-04-10T13:42:41","guid":{"rendered":"https:\/\/kvstax.com\/blog\/?p=120"},"modified":"2025-04-12T10:34:48","modified_gmt":"2025-04-12T10:34:48","slug":"important-points-to-consider-while-filing-itr-for-fy-2024-25","status":"publish","type":"post","link":"https:\/\/kvstax.com\/blog\/important-points-to-consider-while-filing-itr-for-fy-2024-25\/","title":{"rendered":"Important Points to Consider While Filing ITR for FY 2024\u201325"},"content":{"rendered":"\n

As we enter the new financial year, it’s time to start preparing for your Income Tax Return (ITR) filing for the Financial Year 2024\u201325 (Financial Year 2024-2025)<\/strong>. Timely and accurate filing not only ensures compliance with the Income Tax Department but also helps avoid penalties, interest, and future scrutiny. At KVSTAX CONSULTANCY<\/strong>, we aim to simplify tax matters for individuals and businesses alike.<\/p>\n\n\n\n

Here are the key points you should consider while filing your ITR this year:<\/p>\n\n\n\n

\u2705 1. Identify the Correct ITR Form<\/h3>\n\n\n\n

Choosing the right ITR form is the foundation of correct filing. The form depends on the nature of your income:<\/p>\n\n\n\n

    \n
  • ITR-1:<\/strong> For salaried individuals (income \u2264 \u20b950 lakh).<\/li>\n\n\n\n
  • ITR-2:<\/strong> For individuals with capital gains or more than one house property.<\/li>\n\n\n\n
  • ITR-3:<\/strong> For individuals with income from business or profession.<\/li>\n\n\n\n
  • ITR-4:<\/strong> For presumptive income under Sections 44AD, 44ADA, or 44AE.<\/li>\n<\/ul>\n\n\n\n

    \ud83d\udcc5 2. Be Aware of Important Deadlines<\/h3>\n\n\n\n
      \n
    • ITR Filing Start Date:<\/strong> April 1, 2024<\/li>\n\n\n\n
    • Due Date (Non-Audit Cases):<\/strong> July 31, 2024<\/li>\n\n\n\n
    • Due Date (Audit Cases):<\/strong> October 31, 2024<\/li>\n\n\n\n
    • Belated\/Updated Return Filing:<\/strong> Up to 3 years with additional fee and interest<\/li>\n<\/ul>\n\n\n\n
      \n\n\n\n

      \ud83d\udccb 3. Gather and Verify All Relevant Documents<\/h3>\n\n\n\n

      Ensure you have:<\/p>\n\n\n\n

        \n
      • Form 16 (from employer)<\/li>\n\n\n\n
      • Form 26AS and AIS\/TIS<\/li>\n\n\n\n
      • Capital gains statement (if investing in shares, mutual funds, crypto, etc.)<\/li>\n\n\n\n
      • Interest certificates from banks<\/li>\n\n\n\n
      • Rent receipts, investment proofs, loan certificates, etc.<\/li>\n<\/ul>\n\n\n\n
        \n\n\n\n

        \ud83d\udca1 4. Report All Sources of Income<\/h3>\n\n\n\n

        Make sure to disclose all your income sources:<\/p>\n\n\n\n

          \n
        • Salary<\/li>\n\n\n\n
        • Freelance or consulting income<\/li>\n\n\n\n
        • Interest from FDs and savings accounts<\/li>\n\n\n\n
        • Capital gains (short-term and long-term)<\/li>\n\n\n\n
        • Dividend income<\/li>\n\n\n\n
        • Rental income<\/li>\n<\/ul>\n\n\n\n
          \n\n\n\n

          \ud83d\udd01 5. Choose Between Old and New Tax Regimes<\/h3>\n\n\n\n

          Evaluate your tax liability under both tax regimes:<\/p>\n\n\n\n

            \n
          • Old Regime:<\/strong> Allows deductions and exemptions.<\/li>\n\n\n\n
          • New Regime (Section 115BAC):<\/strong> Lower tax rates, but fewer deductions.<\/li>\n<\/ul>\n\n\n\n

            Tip:<\/strong> Compare both regimes to make an informed choice that minimizes your tax outgo.<\/p>\n\n\n\n

            \n\n\n\n

            \ud83e\uddfe 6. Maximize Deductions Under Old Regime<\/h3>\n\n\n\n

            Eligible deductions can lower your taxable income:<\/p>\n\n\n\n

              \n
            • 80C:<\/strong> Up to \u20b91.5 lakh (LIC, ELSS, PPF, tuition fees, etc.)<\/li>\n\n\n\n
            • 80D:<\/strong> Health insurance premiums<\/li>\n\n\n\n
            • 80E:<\/strong> Interest on education loan<\/li>\n\n\n\n
            • 80G:<\/strong> Donations to eligible institutions<\/li>\n\n\n\n
            • 24(b):<\/strong> Interest on home loan<\/li>\n\n\n\n
            • HRA & LTA:<\/strong> If applicable<\/li>\n<\/ul>\n\n\n\n
              \n\n\n\n

              \ud83d\udd0d 7. Cross-Check with Form 26AS and AIS<\/h3>\n\n\n\n

              Always reconcile the data in your tax return with:<\/p>\n\n\n\n

                \n
              • Form 26AS:<\/strong> Consolidated TDS\/TCS report<\/li>\n\n\n\n
              • AIS\/TIS:<\/strong> Annual Information and Taxpayer Information Summary Any mismatch can lead to scrutiny or defective return notices.<\/li>\n<\/ul>\n\n\n\n
                \n\n\n\n

                \ud83c\udf0d 8. Disclosure of Foreign Assets<\/h3>\n\n\n\n

                If you are a resident Indian<\/strong> and hold foreign assets or earn foreign income, you are required to report them in your ITR<\/strong>. Non-disclosure can lead to severe penalties.<\/p>\n\n\n\n

                \n\n\n\n

                \ud83d\udd8a\ufe0f 9. Verify and E-Verify Your Return<\/h3>\n\n\n\n

                Filing isn\u2019t complete until you e-verify your return. This must be done within 30 days of filing<\/strong> to avoid invalidation of your return.<\/p>\n\n\n\n

                \n\n\n\n

                \u26a0\ufe0f 10. Late Filing Penalties<\/h3>\n\n\n\n
                  \n
                • Penalty under Section 234F:<\/strong> \u20b91,000 to \u20b95,000 for late filing<\/li>\n\n\n\n
                • Interest under Sections 234A\/B\/C<\/strong> may also apply on tax dues<\/li>\n\n\n\n
                • Updated Return (U\/s 139(8A))<\/strong>: Can be filed within 3 years with additional tax and interest<\/li>\n<\/ul>\n\n\n\n
                  \n\n\n\n

                  \ud83d\udcbc Need Professional Assistance?<\/h3>\n\n\n\n

                  Filing your ITR accurately can be complicated, especially with multiple income sources, deductions, and the choice of tax regimes. KVSTAX CONSULTANCY<\/strong> is here to help! Whether you are a salaried employee, a freelancer, or a business owner, our team of experienced tax professionals can guide you every step of the way.<\/p>\n\n\n\n

                  \n\n\n\n

                  \ud83d\udccc Disclaimer<\/h3>\n\n\n\n

                  The information provided in this blog is for general guidance and educational purposes only. It should not be considered as professional tax advice or legal opinion. For personalized assistance based on your individual or business tax situation, please consult with a qualified tax consultant or reach out to KVSTAX CONSULTANCY directly.<\/strong><\/p>\n\n\n\n

                  <\/p>\n","protected":false},"excerpt":{"rendered":"

                  As we enter the new financial year, it’s time to start preparing for your Income […]<\/p>\n","protected":false},"author":1,"featured_media":122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[50,54],"class_list":["post-120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-incometaxreturn-itr2024-taxfilingindia-ay2024_25-incometaxindia","tag-taxreturnfiling-blog"],"_links":{"self":[{"href":"https:\/\/kvstax.com\/blog\/wp-json\/wp\/v2\/posts\/120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kvstax.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kvstax.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kvstax.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kvstax.com\/blog\/wp-json\/wp\/v2\/comments?post=120"}],"version-history":[{"count":2,"href":"https:\/\/kvstax.com\/blog\/wp-json\/wp\/v2\/posts\/120\/revisions"}],"predecessor-version":[{"id":123,"href":"https:\/\/kvstax.com\/blog\/wp-json\/wp\/v2\/posts\/120\/revisions\/123"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kvstax.com\/blog\/wp-json\/wp\/v2\/media\/122"}],"wp:attachment":[{"href":"https:\/\/kvstax.com\/blog\/wp-json\/wp\/v2\/media?parent=120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kvstax.com\/blog\/wp-json\/wp\/v2\/categories?post=120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kvstax.com\/blog\/wp-json\/wp\/v2\/tags?post=120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}