One of those annual obligations that can feel overwhelming, particularly if you’re not sure where to begin, is filing your income tax return (ITR). The good news is that India has a number of free websites that make the process easy and hassle-free, regardless of whether you’re filing your returns for the first time or fixing errors in previous submissions!
Everything you need to know about filing your ITR is right here, including important deadlines to keep in mind, penalties to avoid, and useful tools to make the process go smoothly.
What Is Late ITR Filing, and Who Needs It?
When you want to stay in compliance with the law but miss the first deadline for completing your tax return, you can file a late ITR. The original deadline for filing taxes for the fiscal year 2023–2024 was July 31, 2024, which allowed taxpayers plenty of time.
There is still time to file a late ITR, so don’t worry if you missed this deadline. The deadline for filing a delayed or amended ITR for the assessment year 2024–2025 is January 15, 2025. To provide taxpayers an additional 15 days to catch up, the Central Board of Direct Taxes (CBDT) extended the deadline.
Missed the Deadline? Here’s What You Can Do
It’s not a huge deal if you didn’t file your ITR by the original deadline. If there are mistakes or omissions in your first return, the government permits you to submit a revised ITR. The hitch is that you can only make changes to your ITR if you submitted it prior to the July 31 deadline.
You have the opportunity to file a late ITR if you missed the initial or extended deadline. Since late ITRs are subject to fines, it is best to take action as soon as possible.
Penalties for Filing Late
Here are some reasons why you shouldn’t put off filing your ITR any longer:
- Penalty charges
You would be required to pay a penalty of ₹1,000 for revenue up to ₹5 lakh.
The penalty rises to ₹5,000 for income over ₹5 lakh. - The interest paid on unpaid taxes
Additionally, if you owe taxes, Section 234A will charge you 1% interest on the outstanding amount each month (or a portion of a month). This interest is computed from the day you file your return until the initial due date, which was July 31, 2024. - Carry-Forward Benefits Are Lost
You may ultimately pay more if you file your taxes after the deadline since you will no longer be able to use your losses to offset future tax obligations. - Notifications of Law
The Income Tax Department may send you reminders if you don’t file by January 15, 2025, which could result in additional fines or investigation.
Why Timely Filing Is Important
Staying on the right side of the law and efficiently managing your funds are more important goals of timely ITR filing than simply avoiding penalties. The following are some main advantages of timely filing:
- Refunds Arrive Faster
Filing early guarantees that you will receive your money sooner if you are qualified for a tax refund. Nobody likes to have to wait months to regain their property. - It Gets Easier to Approve Loans
When you apply for a loan, banks frequently need proof of your ITR. On-time filing expedites approvals and gives you the appearance of being a reputable borrower. - Mental tranquility
Crossing this item off your to-do list gives you a special sense of accomplishment. You’ll sleep better knowing it’s finished, we promise!
Websites Allowing Free ITR Filing in India
The Indian government and several private platforms provide free services for taxpayers to file their ITRs. These websites ensure a seamless filing process and help you meet compliance requirements without professional assistance.
Steps to File Your ITR Like a Pro
1. Income Tax Department’s e-Filing Portal
- Website: https://www.incometaxindiaefiling.gov.in
- Features:
- Free ITR filing for all taxpayers.
- Step-by-step guidance for first-time filers.
- Facility to e-verify your ITR instantly.
2. ClearTax
- Website: https://www.cleartax.in
- Features:
- Free for individuals filing ITR-1 and ITR-4.
- Simple, user-friendly interface.
- Options for expert assistance at an additional cost.
3. Quicko
- Website: https://quicko.com
- Features:
- Free ITR filing for salaried individuals.
- Direct integration with Form 16 for quicker filing.
- Option to file GST returns and TDS as well.
4. myITreturn
- Website: https://www.myitreturn.com
- Features:
- Assistance for self-employed and salaried taxpayers.
- Free ITR-1 filing.
- AI-powered suggestions for tax saving.
5. Tax2win
- Website: https://www.tax2win.in
- Features:
- Free filing for ITR-1 and ITR-4.
- Comprehensive tax calculator.
- Affordable expert services if needed.
click here for Income Tax Calculator
Free Websites to File Your ITR
- The E-Filing Portal of the Income Tax Department
Why It’s Excellent: The official website provides a simplified procedure along with detailed instructions.
Who Must Utilize It? Ideal for people who have regular income sources and are salaried. - The Reasons ClearTax Is Excellent: You can submit simple returns with their free edition, which comes with no extras.
Who Must Utilize It? Perfect for independent contractors and self-employed people. - MyITreturn
Why It’s Excellent: It’s easy to use and speeds up e-filing.
Who Must Utilize It? ideal for novices. - Tax2Win
Why It’s Excellent: They provide free filing services and live help.
Who Must Utilize It? Excellent for those who require professional help and have complicated tax systems.
Here’s a simple breakdown to help you file your taxes without a hitch:
- Compile each document
Form 16, pay stubs, and bank account information should all be kept close at hand. Remember the pertinent proofs if you have investments. - Log in to the E-Filing Portal Create an account on the official e-filing website of the Income Tax Department or on any other free platform of your choosing.
- Complete the Accurate Form
The ITR form you choose will depend on your source of income. The majority of salaried people must utilize ITR-1. - Type in Your Information
Fill out your personal information, income information, and tax deductions with care. Delays or rejections may result from errors. - Confirm and Send
After you’ve verified everything, send in your return. To finish the process, remember to e-verify it.
Important Dates to Remember
July 31, 2024: Original deadline for filing ITR.
January 15, 2025: Final deadline to file late or revised returns
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Conclusion:
It’s Never Too Late Life occurs and it’s normal to miss deadlines. However, the sooner you act, the better. Even if it’s late, filing your ITR guarantees compliance and helps you avoid needless fines.
Additionally, there is no justification for delay given the availability of open platforms. Consider it a minor time investment that could save future financial and legal troubles.
So, turn on your laptop, choose a platform, and do this task to the highest standard. You’ll thank yourself later, we promise!
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