Form 1 of DTVSV 2024 Can Now Be Filed Online

Form 1 of the Declaration of Taxable Value of Securities (DTVSV) 2024 is now accessible for online filing, according to a release from the Directorate of Tax Verification Services (DTVSV). The taxable value of securities held by individuals and Hindu Undivided Families (HUFs) as of March 31, 2024, is reported on this form.

104/2024 Notification No.

Form 1 is now available for online submission, per Notification No. 104/2024, F. No. 370142/16/2024-TPL, dated September 20, 2024. This notification contains information about the online filing procedure, late filing penalties, and the deadline for submitting Form 1.

Due Date for Filing Form 1

October 31, 2024, is the deadline for submitting Form 1 of the DTVSV 2024. If taxpayers are unable to file the form by this deadline, they will be entitled to file a belated return till December 31, 2024, for a charge of Ôé╣1,000.

Penalties for Filing Documents After the Deadline

A taxpayer faces a Ôé╣10,000 fine if they neglect to file Form 1 of DTVSV 2024 by December 31, 2024. Furthermore, interest on the overdue tax may be assessed by the Income Tax Department.

How to Submit Form 1 Online

Form 1 of DTVSV 2024 can be electronically filed by taxpayers via the e-filing system of the Income Tax Department. The form filing procedure is a short and easy one that only requires a few steps to finish.

How to Submit Form 1 Online:

  • Enter your PAN and password to access the Income Tax Department's e-filing portal.
  • Choose the "Forms" option after clicking on the "My Account" tab.
  • From the list of forms available, select "Form 1-Declaration of Taxable Value of Securities".
  • Complete the form with the necessary information, then submit it online.

Important Details to Remember:

  • The taxable value of each security owned by the taxpayer as of March 31, 2024, must be reported.
  • Generally speaking, the fair market value of securities on the valuation date is their taxable value.
  • In the fiscal year 2023–2024, taxpayers who sold securities are required to disclose the proceeds of their sales on Form 1.
  • In the fiscal year 2023–2024, taxpayers who bought securities are required to declare the purchase price on Form 1.

In Summary

Form 1 of DTVSV 2024 is a crucial document that every individual and HUF holding securities must file. Penalties may apply to taxpayers who do not file this form by the deadline. Completing Form 1 correctly and on time is essential to preventing any legal issues.