July is an important month for taxpayers in India as they have to inform the government about their income, investments and the tax payable
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Income tax return (ITR), as it is known, has to be submitted by July 31 - the date till which it is free and no action is taken against a taxpayer
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If you miss the July 31 deadline, you will automatically be subject to the new tax regime, forfeiting the ability to opt for the old regime for that financial year
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Hence, it is advisable to file the income tax return within the due deadline and here's how to do it online for free
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Taxpayers will need documents such as PAN, Aadhaar, bank statements, Form 16, Form 26AS from employer and investment proofs to file the ITR
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Visit the Income Tax e-filing website and log in using your user ID (usually PAN/Aadhaar) and password
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Choose the appropriate assessment year and the mode of filing (online) from the available options
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Select the correct ITR form based on your income sources and tax situation
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Review and confirm pre-filled information such as personal details, income sources, and deductions
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You need to enter any additional income details and exemptions, if applicable, to ensure complete and accurate information
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Pay any tax due online through the portal using net banking or debit/credit cards, if applicable
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Submit your completed ITR form online and ensure that you receive an acknowledgment receipt
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Complete the process by e-verifying your ITR using methods such as Aadhaar OTP and net banking