Income Tax Return / Keep these 10 things in mind at the last moment while filing ITR

Income Tax Return: The last date for filing income tax returns for the financial year 2023-24 (AY 2024-25) is 31 July. Filing ITR is not easy for everyone. Therefore, it requires a lot of attention because a mistake can lead to your income tax return being rejected. Or a notice can come from the department. Let's take a look at the points that have to be kept in mind while filing income tax.

Keep these 10 things in mind

Make sure that you file your ITR before the due date on July 31. Missing the deadline may attract penalty and interest.

Different ITR forms apply to different categories of taxpayers. Taxpayers should look at all the forms from ITR 1 to ITR 7 and file returns accordingly.

Gather all the required documents such as Form 16, Tax Deducted at Source (TDS) certificate, interest certificate, investment proof and other documents before filing.

Cross-check your tax credit statement (Form 26AS) to ensure that all TDS and tax payments are reflected correctly. Any discrepancies should be resolved before filing.

Make sure you report all sources of income including salary, interest, rental income, capital gains and any other income.

Use all eligible deductions and exemptions under sections such as 80C, 80D, 80G and others. Make sure you have the proper documentation for each claim.

If you are using a pre-filled ITR form, verify the accuracy of the pre-filled data. Any errors or omissions should be corrected before submission.

If you have any foreign assets or you earn income from abroad, make sure they are accurately reported in your ITR. Failure to provide information may result in a penalty.

After filing your ITR, do not forget to e-verify it. You can e-verify through Aadhaar OTP, Net Banking.

Once your ITR is filed and verified, keep the Acknowledgement Receipt (ITR-V) safe. It serves as proof of filing and may be needed for future reference or compliance checks.