Keep These 10 Things In Mind While Filing ITR At The Last Minute, Otherwise You Will Get A Notice.

The last date for filing income tax returns for the financial year 2023-24 (AY 2024-25) is July 31. It is not easy for everyone to file ITR. Therefore, it requires a lot of attention because a mistake can lead to your income tax return being rejected. Or a notice may come from the department. Let us take a look at the points to keep in mind while filing income tax.

Keep these 10 things in mind

1. Make sure you file your ITR before the July 31 deadline. Failure to do so may result in penalty and interest.
2. Different ITR forms apply to different categories of taxpayers. Taxpayers must go through all the forms from ITR 1 to ITR 7 and file the return accordingly.
3. Gather all the required documents such as Form 16, Tax Deducted at Source (TDS) certificate, interest certificate, investment proof and other documents before applying.
4. Check your tax credit return (Form 26AS) to ensure that all TDS and tax payments are reflected correctly. Any discrepancies must be resolved before filing.

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5. Be sure to report all sources of income, including wages, interest, rental income, capital gains, and any other income.
6. Use all eligible deductions and exemptions under sections such as 80C, 80D, 80G, and others. Make sure you have the proper documentation for each claim.
7. If you are using a pre-filled ITR form, please check the accuracy of the pre-filled data. Any errors or omissions must be corrected before submission.
8. If you have assets abroad or earn income from abroad, make sure they are accurately reported on your ITR. A penalty may be imposed for failure to provide information.
9. After filing your ITR, do not forget to e-verify it. You can do e-verification through Aadhaar OTP, Net Banking.
10. Once your ITR is filed and verified, retain the Acknowledgement of Receipt (ITR-V). This serves as proof of filing and may be needed for future reference or compliance checks.