ITR Filing Process: Income Tax Department is constantly appealing to file ITR before the deadline (ITR Filing Deadline). If the government does not extend the deadline, then after July 31, you will have to file the return with penalty.
ITR Filing Process: The deadline for filing Income Tax Return (ITR) is getting closer. It is mandatory to file income tax return by 31 July 2023. If ITR is not submitted by this date then it can be difficult. The Income Tax Department is constantly appealing to file ITR before the deadline (ITR Filing Deadline). If the government does not extend the deadline, then after July 31, you will have to file the return with penalty. So hurry up to file returns without penalty.
The process of filing Income Tax Return (ITR) has been simplified in the recent past. Now filing returns is much easier than before. So if you have all the documents then you can also file it yourself. For this you will not need any CA or expert. You can file returns in minutes. Just note these points.
Selection of TAX regime is necessary
Keep in mind while filling ITR, this time the New Tax Regime has been kept as default. Meaning, you have to decide whether to go to the Old Tax Regime or to select the New Tax Regime only. If you want to file ITR under old tax regime, then it has to be changed. There are very few options for tax exemption in the new tax regime. However, income up to 7 lakh is tax free. At the same time, the tax exemption limit has not been increased in the old tax regime. But, there are many options open in terms of investment.
Keep Form 16 close
Employed should take Form 16 (Form 16) or 16A from his employer. The form is issued by the employer at the end of every financial year. It contains all the information related to your salary, such as basic salary, HRA and other allowances. In these, tax exemption can also be obtained in many ways.
Check TDS from 26AS
Make sure to check your documents while filing income tax return. Form 26AS is one such document. It contains a consolidated data of tax statement. Full details of tax deducted from the employer or any other source of income are given in it. Information like Tax Deduction at Source (TDS), Tax Collection at Source (TCS) is in Form 26AS.
Stocks and Mutual Funds Earnings
Profits and dividends earned from stocks and mutual funds are also added to your income. For this, it is necessary to have a capital gain statement. Keep it with you while filling ITR. Apart from this, if you have invested by selling any property, then include it in ITR as well. Tax exemption can also be claimed on this.
AIS Match Data
Match the TDS and TCS information given in Form 26AS with the Annual Information Statement (AIS). It also contains details of all your savings accounts, fixed deposits, post office schemes. Get information about the interest earned on it. Savings account interest is also added to your income. Its details are also necessary while filling ITR. Just after this you can file your ITR. Income tax return will be filed in minutes.
