ITR filing is an obligation of taxpayers to communicate details of their taxable income/loss to the Income Tax Department in the form of a return of income every year. But before filing an Income Tax Return taxpayers should know what precautions they should take during the process. 

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The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated returns.

ITR filing last date: The due date to file Income Tax Return (ITR) assessment year 2022-2023 (AY 2022-23) for salaried taxpayers & non-auditable cases is July 31.

Take these precautions while ITR filing:

1. Taxpayers should download Form 26AS and should confirm actual TDS/TCS/Tax paid. If any discrepancy is observed, then suitable action should be taken to reconcile it.

2. Taxpayers should compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions are to be claimed, books of account and balance sheet and P/L A/c (if applicable), etc. No documents are to be attached along with the return of income.

3. Taxpayers should identify the correct return form applicable in his case.

4. Carefully provide all the information in the return form.

5. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.

6. If any tax is payable as per the return of income, then the same should be paid before filing the return of income.

7. Taxpayers should ensure that other details like PAN, address, e-mail address, bank account details etc., are correct.

Taxpayers filing ITR after the due date will face consequences. Following are the consequences of delay in filing the return of income :

  • Loss (other than house property loss) cannot be carried forward.
  • Levy of interest under section 234A.
  • Levy of fee under section 234F*. (*Fee for default in furnishing return of income shall be Rs. 5,000 if the return has been filed after the due date prescribed, 31 July 2022. However, it shall be Rs. 1,000 if the total income of an assessed person does not exceed Rs. 5 lakh.)
  • Exemptions under sections 10A, 10B, are not available. Deduction under Part-C of Chapter VI-A shall not be available.