ITR Filing: With the deadline to file income tax return ending today; don't forget these five important points

The deadline to file your income tax return (ITR) for the assessment year 2023-24 is today, July 31. Taxpayers need to file their ITR as soon as possible in order to avoid penalties. To ease the process, the Income Tax Department allows individuals to file their ITR online, with a pre-filled form at their service. But, if you are filing your ITR in a hurry, there can be some mistakes.

There are some important factors you need to keep in mind when you are filing your Income Tax Tax Return. These simple pointers can make the process easier and error-free.

Five points to keep in mind while filing your income tax return.

Check which tax regime you have opted for

There is an option to change your tax regime while filing ITR. If you need to switch to the old tax regime from the new one, or vice-versa, you can do so while filing your ITR. Your taxable income and the deductions you can opt for will be calculated on the basis of the tax regime you choose. For example, people opting for the new tax regime cannot claim deductions under home rent allowance or leave travel allowance. No other deductions for tax saving investments are also allowed under the new tax regime.

Select the ITR correct form

Be careful while selecting your ITR form. The Income Tax Department has different forms – ITR-1, ITR-2, ITR-4 etc. for taxpayers. Check which category your income falls into and select your form accordingly. For example, salaried individuals with an annual income to up to Rs 50 lakh need to use ITR-1. Freelancers or self-employed professionals need to select the ITR-3 or ITR-4 form.

Ensure you have all the relevant documents

While filing your tax return, you need to ensure that you have documents like your PAN, Aadhaar number, Form 16, Form 26AS and your Annual Information Statement (AIS). Your AIS gives a complete breakdown of your income, including dividends, interest, mutual fund transactions and Tax Deducted at Source (TDS). Check your AIS for any discrepancies and then proceed with the ITR filing. If there is any mistake in the AIS, you can submit a feedback form to the Income Tax Department to rectify the particulars.

Choose the deductions applicable

There are several deductions taxpayers can avail including those on insurance premiums, HRA, LTA, medical expenses and more. To avail the deductions, individuals must have all their documents in order. This includes rent receipts and salary slips, as well as bank account details for receipt of tax refund.

E-verify your return

After you have filed your ITR, you need to verify your tax return for authentication. You need to complete the verification process within 30 days to avoid penalties. If you have paid excess tax, you will get a refund from the Income Tax Department after the due verification of your ITR.