As a taxpayer, you must ensure that all guidelines and rules to ensure compliance with tax laws are followed while return filing. Other details like PAN, permanent address, contact details, bank account details, etc, should also be cross-checked.
Income tax return filing 2024: The deadline to file the income tax returns for the financial year 2023-24 is July 31, 2024. While the Central Board of Direct Taxes (CBDT) made the ITR forms and Excel utilities of these forms available on the e-filing portal in the first week of April to facilitate early return filing by the taxpayers, most individual taxpayers including salaried ones have not filed their returns until now. The reason was salaried individuals wait for Form 16, which is usually issued by their employers in the second half of June.
While filing income tax return, taxpayers need to have with them some key documents like Form 16, 26AS and AIS. Apart from these, having other documents like bank statement, passbook, interest certificates, receipts to claim exemptions or deductions, investment proofs, etc, also help in hassle-free tax return filing.
Tax filers also need to ensure that details like PAN, permanent address, contact details, bank account details, etc, are correct in the pre-filled data shown in the ITR form they are using.
Filing ITR involves adhering to several guidelines and rules to ensure compliance with tax laws, says Suresh Surana, a chartered accountant, as he lists 10 important points for taxpayers to know before filing income tax return.
Identify all sources of income including salary, rental income, interest income, capital gains, etc. Ensure all income is disclosed accurately in the tax return.
Select the appropriate ITR form based on the income sources, residential status, and other relevant factors. Using the wrong form can lead to complications.
Keep records of income, deductions, investments, and expenses such as bills, receipts, and bank statements. These documents may be required for verification.
Utilize deductions under sections like 80C, 80D, 80G, etc., and exemptions such as HRA (House Rent Allowance) and LTC (Leave Travel Concession) effectively to minimize tax liability.
File your ITR within the due dates specified by the Income Tax Department. For individuals (not subject to audit), the due date is July 31.
Verify your ITR using Aadhaar OTP, net banking, or by sending a signed physical copy to the CPC Bangalore within 30 days of e-filing.
If you hold foreign assets or have foreign income, ensure proper disclosure under the Foreign Asset Reporting requirements in the ITR.
Pay advance tax if your tax liability exceeds Rs 10,000 in a financial year. Ensure TDS (Tax Deducted at Source) deducted by employers or other entities is correctly reflected in your Form 26AS.
In case of any errors or omissions, file a revised return within the stipulated time frame (i.e. on or before completion of assessment or 31st December of the relevant assessment year, whichever is earlier) u/s 139(5) of the IT Act.
Respond to any notices received from the Income Tax Department promptly and accurately. Non-compliance may lead to penalties or further scrutiny.
Source: https://www.financialexpress.com/money/itr-filing-10-things-you-need-to-know-before-filing-income-tax-return-3531075/
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