Itr filing important instructions- Income tax payers usually make some minor mistakes while filling ITR. Some mistakes made unknowingly can also put the income tax payer in legal trouble.
Itr filing important instructions: The last date for filing income tax return (ITR filing) for the financial year 2022-23 and assessment year 2023-24 (ITR Filing Last date) is 31 July. Filing ITR is a very important task. This work should be done very carefully and cautiously. Even a small mistake made while filing ITR can cost you a lot. That’s why ITR should be filed on time and carefully.
To fill ITR on e-filing portal, you must have PAN card, Aadhaar card, Form 16, bank account details, investment details with proofs and other income proofs. Not only this, it is also necessary to have a link of PAN and Aadhaar to file ITR and your e-mail ID should also be registered with the Income Tax Department. Let us know what are the things you should keep in mind while filing ITR.
Choosing the right Form
ITR forms are different for different taxpayers. Therefore, while filing ITR, the correct form should be chosen. Filling wrong form can lead to cancellation of ITR.
Enter correct details
Enter your personal details correctly in the ITR form. Enter name, PAN number, email ID and phone number correctly. If any of these information is wrongly entered, it will take time to process ITR.
Give information about all income sources
While filling ITR, you should give information about every source from which you have earned. If you do not disclose the income from any source, then legal action can be taken against you.
Claim every deduction
Take the details of all deductions before filing ITR. You get tax exemption on investing in many places including medical insurance, education loan. Mention all of them while filling ITR. If you don’t do this, you will suffer financial loss.
Make sure to verify ITR,
Until you verify ITR, it is not valid. You can e-verify your tax return through your income tax e-filing portal or you can also get it verified by sending it to CPC-Bengaluru.
Checking Form 26AS
Form 26AS or Tax Credit Statement gives all the information about the payment of TDS deducted on your income. Make sure to check this before claiming your tax refund. This will save you from any kind of mistake in tax calculation so that you will be able to file a correct tax return.
