With just four days left before the Income Tax Return (ITR) filing deadline, many taxpayers are rushing to submit their returns. But rushing through the process can lead to mistakes that may delay the processing of your return.
Here are some important points to keep in mind before filing your ITR:
Choose the correct ITR form
It is one of the most important steps while choosing the correct ITR form. Select the ITR form that matches your income sources, such as salary or business income. Filing your return using the wrong form can delay its processing.
Report all sources of income
Make sure you include income from every source, such as salary, bank interest, fixed deposits, rental income, capital gains, freelance work or business income. If you miss any income, it can lead to a tax notice.
Check your personal details
Verify your basic information, including your PAN, Aadhaar, name, date of birth, mobile number and email address. Check your bank account details, including the account number and IFSC code are correct.
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Match your income with tax records
Before filing, compare the details in your ITR with Form 16, Form 26AS, the Annual Information Statement (AIS) and the Taxpayer Information Summary (TIS). Form 16 shows your salary and the tax deducted by your employer, Form 26AS contains details of taxes deducted and deposited against your PAN.
Cross-check Form 26AS and AIS
Verify the details in your return with Form 26AS and the Annual Information Statement (AIS). These records show tax deducted at source (TDS), taxes paid and other financial transactions linked to your PAN. Any mismatch should be corrected before filing.
Claim only eligible deductions
If you are eligible for deductions, make sure you claim them correctly. These may include deductions for investments, health insurance premiums, National Pension System (NPS) contributions, home loan interest and eligible donations. Claim only those deductions for which you have valid proof.
Pay any pending tax before filing
If your tax calculation shows that you still have tax to pay, clear the outstanding amount before filing your return. Also check that the challan details have been entered correctly.
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