As tax season approaches, it is crucial for Indian taxpayers to be diligent while filing their Income Tax Returns (ITR) for the financial year 2023-24. Filing ITR is not just a legal requirement but also vital for contributing to national development and claiming various benefits.
The process of filing ITR has become more streamlined and digitised. However, it remains essential to avoid common mistakes that can lead to penalties, delays, or legal complications.
-Ensure your Permanent Account Number (PAN), Aadhaar, address, email ID, and contact number are accurate and match official documents.
-Use the correct ITR form based on your income sources. Filing the wrong form can result in your return being rejected as ‘defective’.
-Report all income, including exempt income, under 'Income from other sources'. This includes interest, rental properties, and freelance work.
-File specific forms for claiming deductions under sections like 80C, 80D, and 80G. Ensure you have valid documentation to support all deductions and exemptions.
-Form 26AS contains details of tax deducted at source (TDS) and tax collected at source (TCS). Ensure all income reported in Form 26AS matches your records to avoid discrepancies.
-If you switched jobs during the financial year, report income from both the previous and current employers to avoid discrepancies.
-File your ITR on time to avoid penalties and interest on unpaid taxes. The deadline for filing ITR for FY 2023-24 is July 31, 2024.
