ITR Filing: Avoid waiting for the last date, one should file income tax return as soon as possible. Experts say that some important homework should be done before filing income tax return online.
ITR Filing: If you have not yet filed Income Tax Return (ITR) for Assessment Year 2024-25, then please do it soon. Only 20 days are left for this from today. The last date to file ITR is 31st July. In such a situation, avoid waiting for the last date, one should file income tax return as soon as possible. Experts say that some important homework should be done before filing income tax return online, so that you do not face any problem.
Do these 10 homework before filing
- Submit all the necessary documents in one place. Make sure you have all the important documents like Form 16, Form 26AS, bank statement, investment proof and details of other income sources.
- Choose the right ITR form. Choose the right ITR form based on your source of income and category (e.g., salaried individual, self-employed, etc.).
- Report all sources of income. Income from all sources should be included, such as salary, rental income, interest on deposits, dividends and capital gains, etc.
- Verify TDS details. Check the tax deduction at source (TDS) details in Form 26AS with your income details to ensure accuracy.
- Claim deductions and exemptions. Use deductions and exemptions available under sections such as 80C, 80D, 80E, etc. to reduce your taxable income.
- Disclose exempted income. Report exempted income such as agricultural income to ensure complete transparency with the tax authorities.
- Pay self-assessment tax, if required. Calculate and pay any self-assessment tax before filing your return to avoid interest and penalties.
- Check for carried forward losses. Claim carried forward losses of previous years, if applicable, to offset against current year income.
- Validate and verify the return. You must thoroughly validate your ITR to ensure all details are correct and complete. Verify your return using Aadhaar OTP, EVC or by sending the signed ITR-V to CPC, Bengaluru.
- Keep the receipt safe and handy. Save the acknowledgement receipt (ITR-V) for future reference and proof of filing.
Also Read-
- How can Jio and Airtel users port their number to BSNL? Know the complete process here
- HRA Claim Mistakes: Avoid these mistakes while claiming HRA, know details
- ITR Filing Deadline: Will the deadline for filing income tax returns be extended? know details
- Advertisement -DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
