Jun 23, 2024 04:14 PM IST
With tax regimes, deductions & benefits changing every year, one should pay attention to every minute detail for hassle-free ITR (Income tax return) filing.
One should always pay attention to every minute detail while e-filing ITR (Income tax return) for a hassle-free experience, especially with the tax regimes, deductions and benefits changing every year, Business Today wrote.
“Filing an income tax return is not a cakewalk for everyone,” said Vikas Dahiya, Director of All India ITR, according to Business Today. “For many people not familiar with the taxation policy and schemes, it is a very complex and tedious process and that’s why they seek assistance from professionals to file their income tax return”
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Key essential points for filing income tax returns
The following are some key points for error-free e-filing of tax returns, according to the Business Today article.
- Select the correct ITR form: With different ITR forms for varied taxable persons like salaried, self-employed and so on, it is of significant importance to select the right ITR form.
- Accurate personal information: Any error in personal details like PAN number, Name and address can lead to rejection or delay in E-filing. Therefore, it is of vital importance to fill in the details mindfully and double-check all the entries and details.
- Correct bank account details: The applicant should re-check all the bank details to be eligible for any refunds that may be directed to his/her bank account.
- Transparent income reporting: Contrary to normal thinking, one must declare their income across various sources which include capital gains, rent and even gifts.
- Exemptions and deductions: It is necessary to be aware of all the deductions, and sections and to keep all supporting documents handy while filing ITR.
- Verification of ITR: After filing the ITR, make sure to verify it. This can be easily done via electronic verification (EVC) or you can send a signed physical copy of your return to the CPC, Bengaluru.
More tips for filing income tax return
The following are some more quick tips for easy e-filing of ITR, according to the article.
- To avoid late fees and penalties, file the return before the deadline.
- While using a digital signature, ensure it is valid and correctly applied.
- To avoid notices from the Tax Department, ensure reconciliation of income and tax with Form 16, Form 16A and Form 26AS.
- Inform about your foreign income and assets (if any) to avoid severe penalties.
- Cross-check the pre-filled data with your actual records.
- Stay informed about updates and changes in the tax laws or return filing procedure.
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