Don’t rush your ITR, file in time

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The last date for filing Income Tax Return (ITR) for the financial year 2022-23 (AY 2023-24) is approaching on July 31. If you have not filed your ITR till now, then hurry up. At times, due to last minute rush, the website or server goes down. Apart from this, by filing income tax return at the right time, you have a chance to rectify the mistakes made in it. It is very important to keep some things in mind while filling ITR, otherwise you can get into big trouble. In case of any mistake in ITR filing or mismatch in the information, the Income Tax Department can take action on you and send you a notice immediately.

Cross check Form 26AS and Form 16 While filing returns, it is important to pay attention to certain things. While filing ITR, cross-check once that there is no difference between the details of 26AS and the employer’s Form 16, otherwise a small oversight may cost you dearly. Actually, Form 26AS contains complete information about your income, TDS, advance tax paid, self-assessment tax paid etc. In this case, while filling this form, check all your information like- PAN details, e-mail ID, date of birth and IFSC code.

Give correct information about the source of income Whenever you file your return, collect detailed information about all your sources of income so that there is no problem while filling the form. Many times for tax evasion or by mistake taxpayers do not disclose all the sources of their income and later income tax becomes strict on them. Also give details of your sources of income as well as savings accounts or foreign bank accounts.

Select correct assessment year If you are self-filing your return, do not get confused between ‘Assessment Year’ and ‘Financial Year’. Actually, the financial year is the year in which you earn income while the assessment year 2023-24 has to be selected for filing. The most important thing is to file your ITR before the deadline. You may be fined for this after the last date is over. Under this, there is a provision for a fine of up to Rs 10,000, as well as payment of an additional one per cent on unpaid tax.