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HOW CAN I ENSURE THE SUCCESSFULLY FILING OF MY ITR?

Updated by Chandan Tiwari 12/05/2023

To ensure the successful filing of your income tax return, you can follow these steps:

• Collect and organize your financial documents:Gather all the necessary documents related to your income, deductions, investments, and other financial transactions. This may include salary slips, bank statements, Form 16/16A (TDS certificates), investment proofs, and receipts of eligible deductions.
• Verify your Form 26AS:Obtain your Form 26AS from the income tax department's website or your net banking portal. It shows the details of TDS deducted from your income and taxes paid. Verify that the information in Form 26AS matches your own records to avoid any discrepancies.
• Choose the correct ITR form:Select the appropriate Income Tax Return (ITR) form based on your income sources, eligibility criteria, and tax profile. Refer to the income tax department's website or consult a tax professional for guidance in selecting the right form.
• Accurately report your income:Provide accurate and complete details of your income from all sources, such as salary, interest, rental income, capital gains, and any other income earned during the financial year. Ensure that you report the income under the correct head and follow the prescribed format.
• Claim eligible deductions and exemptions:Identify and claim all the deductions and exemptions you are eligible for, such as those under Section 80C, 80D, 80G, etc. Ensure that you have proper documentation to support your claims.
• Calculate and pay any remaining tax liability:Calculate your total tax liability after considering the TDS already deducted and any advance tax payments made. If there is any remaining tax liability, pay it before filing your return to avoid interest and penalties.
• File your return within the due date:Ensure that you file your income tax return within the specified due date for the relevant assessment year. Late filing may attract penalties and interest.
• Verify and review your return before submission:Double-check all the information provided in your return for accuracy and completeness. Validate the return using the available options, such as digital signatures or electronic verification code (EVC), to ensure its authenticity.
• Keep copies and records: Maintain copies of your filed income tax return, acknowledgement receipt, and supporting documents for future reference and records.
• Seek professional assistance if needed:If you have complex tax situations, multiple income sources, or are unsure about the filing process, to get consultation with ITRKendra.