Tax season is here! Filing your Income Tax Return (ITR) for FY 23-24 has begun, and the Income Tax Department has opened its portal. Here are ten essential tips to ensure a smooth and accurate filing process:
Know the ITR Deadline:
The deadline for filing ITRs is usually July 31. For FY 23-24, the due date is Wednesday, July 31, 2024, for individuals not subject to audit.
Understand Your Tax Regime:
Choose between the old and new tax regimes. The new regime offers lower tax rates but fewer deductions, while the old regime allows more tax-saving deductions.
Identify Your Tax Bracket:
Familiarise yourself with the tax brackets and your taxable income to determine your tax liability, fill out the correct forms, and plan your finances.
Gather Required Documents:
Collect all necessary documents, such as income proofs, deduction receipts, and tax payment records, to substantiate your ITR.
Select the Correct ITR Form:
Choose the applicable ITR form based on your income sources:
- ITR-1: For residents with income from salary, one house property, and other sources (up to ₹ 50 lakh).
- ITR-2: For individuals/HUFs with capital gains or foreign assets.
- ITR-3: For individuals/HUFs with income from a proprietary business or profession.
- ITR-4: For individuals/HUFs with presumptive income from business or profession.
Verify Personal and Bank Details:
Ensure your personal and bank account details are accurate to avoid delays in refunds. Verify your name, address, email, and PAN.
Choose the Correct Assessment Year:
Mention the correct assessment year (AY). For FY 23-24, the AY is 2024-25 to avoid double taxation and penalties.
Check Form 16 Details:
Verify that your Form 16 details, such as salary components, TDS deducted, and tax-saving investments, match your pay slips and investment statements.
Aggregate Income from Multiple Form 16s:
If you had multiple employers, aggregate the income from all Form 16s to claim accurate deductions and report total income.
Reconcile with Form 26AS and AIS/TIS:
Ensure your income details match those in Form 26AS (Tax Credit Statement) and AIS/TIS (Annual Information Statement/Tax Information Statement).
Expert Tip:
If your tax situation is complex or you’re filing for the first time, consider consulting a qualified tax professional, such as a chartered accountant or tax consultant, to guide you through the process and maximise your tax savings.
Filing your ITR accurately and on time ensures compliance and helps maintain transparency in your financial affairs. Happy filing!
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