Income Tax Return Tips: By keeping in mind the small mistakes, you can easily fill your ITR without any hassle. This can avoid problems or penalties later.
Since the beginning of the new financial year, taxpayers are busy preparing to file Income Tax Return (ITR). However, due to the long process, this task becomes a bit difficult for taxpayers. During this time, many times taxpayers make small mistakes. Due to this they have to face problems. During this time, due to a small mistake, you can also be penalized by the Income Tax Department. Therefore, it is very important to complete this important process by taking a little caution.
Why is it necessary to file ITR?
Filing your ITR (Income Tax Return) is very important for many reasons. It fulfills a legal obligation under the Income Tax Act. Also ensures compliance with tax laws and regulations. Along with the facility of financial planning, it also provides the necessary documents for other government documentation like loan and income certificate. Apart from this, it also documents your income from different sources.
Let us know the important things to keep in mind while filing ITR for the year 2024-
1. Collect all the necessary documents: Before starting the ITR filing process, prepare all your income statements, deduction proofs and other necessary documents.
2. Not keeping records: Maintain a record of all documents, receipts and proofs related to income, investment and deduction. These may be needed for verification or checking any kind of tax.
3. Check personal details thoroughly: Check your name, address, PAN and bank account details thoroughly before filing.
4. Accurate income reporting: Include all sources of income like salary, rental income, investment and interest on savings. Leaving out any income can attract a penalty.
5. Claim deductions and exemptions correctly: Be careful in claiming deductions under different sections like 80C, 80D. Wrong claims can cause you trouble later.
6. Match TDS details with Form 26AS: Be sure to match the TDS (Tax Deducted at Source) details in Form 16 with Form 26AS. Any mismatch can spoil your tax calculation.
7. Choose the right ITR form: It is very important to choose the right ITR form based on your income source. Using the wrong form can make your return invalid.
8. Not verifying ITR: Not verifying ITR can make the filing invalid. If you do not complete this step, your return will not be processed.
9. Verify before submitting: Be sure to check your ITR once again before submitting it. This helps in avoiding problems by detecting mistakes made in haste.
10. Experts’ advice: Lastly, if you face any kind of problem in the final, you can take the help of tax professionals or CA. Apart from this, you can also seek help from the Income Tax Department.
Tax refund
One of the most important aspects of filing income tax return is to claim tax refund for the extra tax paid by you and credit for tax deducted at source. You also have to avoid penalty for non-compliance.
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