Income tax season: 10 key things to remember while filing an ITR
Income tax season: 10 key things to remember while filing an ITR
The last day for filing your income tax return FY 2023-24 (AY 2024-25) is July 31. Filing taxes can be tough and needs a lot of attention as one mistake can lead to rejection. To make this process easy, Zee Business has made a simple checklist that can be used while filing an ITR.
1. Know your deadlines:
Ensure you file your ITR ahead of the due date on July 31. Missing the deadline can lead to penalties and interest charges.
Read more: Here's what happens if one misses the ITR filing last date
2. Choose the correct ITR Form:
Different ITR forms apply to different categories of taxpayers. Taxpayers should look into all forms from ITR 1 to ITR 7 and file accordingly.
3. Keep documents handy:
Gather all necessary documents such as Form 16, Tax Deducted at Source (TDS) certificates, interest certificates, investment proofs, and other relevant documents before filing.
4. Verify form 26AS:
Cross-check your tax credit statement (Form 26AS) to ensure that all TDS and tax payments are accurately reflected. Any discrepancies should be resolved before filing.
5. Report all income:
Make sure you report all sources of income, including salary, interest, rental income, capital gains, and any other earnings. Non-disclosure can lead to penalties.
6. Claim deductions and exemptions:
Utilise all eligible deductions and exemptions under sections such as 80C, 80D, 80G, and others. Ensure you have proper documentation for each claim.
7. Review pre-filled data:
If you are using a pre-filled ITR form, verify the accuracy of the pre-filled data. Any errors or omissions should be corrected before submission.
8. Disclose foreign assets if any:
If you hold any foreign assets or earn foreign income, ensure they are disclosed accurately in your ITR. Non-disclosure can lead to severe penalties.
9. E-Verify your return:
After filing your ITR, don't forget to e-verify it. You can e-verify through various methods like Aadhaar OTP, net banking, or by sending a signed physical copy to the CPC.
10. Keep acknowledgement safe:
Once your ITR is filed and verified, keep the acknowledgment receipt (ITR-V) safe. It serves as proof of filing and may be required for future reference or compliance checks.
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