The last day to file your income tax return for the financial year 2023-24 (AY 2024-25) is July 31. Filing income tax returns can be difficult and requires a lot of attention as a mistake can lead to rejection. To make this process easier, Zee Business has created a simple checklist that can be used while filing an ITR.
1. Know your deadlines:
Make sure to file your RTI by the July 31 due date. Missing the deadline may result in penalties and interest charges.
2. Choose the appropriate ITR form:
Different ITR forms apply to different categories of taxpayers. Taxpayers need to review all forms from ITR 1 to ITR 7 and file them accordingly.
3. Keep documents handy:
Gather all necessary documents such as Form 16, Tax Deducted at Source (TDS) certificates, interest certificates, investment proofs and other relevant documents before filing.
4. Check Form 26AS:
Check your tax credit statement (Form 26AS) to ensure that all TDS and tax payments are correctly reflected. Any discrepancies must be resolved before filing the declaration.
5. Declare all income:
Be sure to report all sources of income, including salary, interest, rental income, capital gains and any other income. Non-disclosure may result in sanctions.
6. Claim deductions and exemptions:
Use all allowable deductions and exemptions under sections 80C, 80D, 80G and others. Ensure you have proper documentation for each claim.
7. Review the pre-filled data:
If you are using a pre-filled ITR form, check the accuracy of the pre-filled data. Any errors or omissions must be corrected before submission.
8. Disclose foreign assets, if any:
If you hold foreign assets or receive foreign income, make sure they are accurately reported on your tax return. Non-disclosure can result in severe penalties.
9. E-Verify your return:
After filling your ITR, don’t forget to verify it electronically. You can do this through various methods such as Aadhaar OTP, net banking or by sending a signed physical copy to the CPC.
10. Keep acknowledgments in a safe place:
Once your ITR is filed and verified, keep the acknowledgement receipt (ITR-V) in a safe place. It serves as proof of filing and may be required for future reference or compliance checks.
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