The last date for filing Income Tax Return (ITR) for the financial year 2023-24 will end on July 31. Therefore, taxpayers should ensure as soon as possible that they have all the necessary information and documents related to filing returns.
Filing income tax returns is important to comply with tax rules and should be followed on time to avoid penalty. Here we are giving you 10 such tips, with the help of which you will be able to file your ITR on time and without any hassle.
1. Gather all the required documents. Make sure you have all the required documents like Form 16, Form 26AS, bank statements, investment proofs and details of other sources of income.
2. Choose the right ITR form. Choose the right ITR form based on your income source and category (salaried, self-employed, etc.).
3. Provide information about all sources of income. Include all types of income in your income, such as salary, rent, interest on deposits, dividends and capital gains.
4.Check TDS details. Check the TDS details in Form 26AS for accurate information.
5. Claim exemptions. Take advantage of exemptions under Income Tax sections 80C, 80D, 80E, etc. to reduce your taxable income.
6. Also provide information about tax-exempt income, such as income from agriculture, to ensure complete transparency with the tax department.
7. Pay tax based on your own assessment first, so that you can avoid penalty and interest while filing returns.
8. If you have suffered any loss in the previous year and there is scope to carry it forward to the current year, then you can compensate for it through the income of the current year.
9. Validate and verify the return. Validate your income tax return thoroughly to ensure all the details are correct. Verify your return by sending Aadhaar OTP, EVC or ITR-V to CPC, Bengaluru.
10. Keep the acknowledgement safe. Keep the acknowledgement receipt (ITR-V) safe for future reference and as proof of return filing.
