File your ITR on or before the due date. Include all relevant information in the return, such as total income, deductions (if any), interest (if any), taxes paid/collected (if any), and so on.
Gather and thoroughly examine the documents that will be referred to when filing your ITR, such as bank statements/passbooks, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment proofs, and so on. If you notice a discrepancy, you should discuss it with your employer/tax deductor/bank. Download AIS and Form 26AS to determine the actual TDS/TCS/tax paid. Check the details, such as PAN, address, e-mail address, bank account information, and so on, are correct in the pre-filled data. Identify the suitable ITR form (from ITR-1 to ITR-7). Here are the things to be kept in mind while filing income tax return forms: Individual taxpayers have a deadline of July 31 each year, while businesses and other entities have a deadline that varies depending on their category.Īlso Read | Confused about old and new income tax regime? Here's a dedicated calculator (Representative Image)Īlso Read | Income Tax Return: What is ITR-1 or Sahaj ? Who is eligible to file?įirms or corporations, Hindu Undivided Families (HUFs), and self-employed or salaried individuals are required to file an ITR with the Income Tax Department of India. Penalties range from Rs.1,000 to Rs.10,000 if their returns are filed after the due date. It is also used as proof of income when applying for loans, visas, or other financial transactions. Individuals and entities whose income exceeds the exemption limit set by the Income Tax Department must file an ITR.
Income Tax Returns (ITRs), are forms used to declare net tax liability, claim tax deductions, and report gross taxable income.
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