Income Tax: The last date to file the income tax return (ITR) is September 15, and there are only 12 days remaining. Most salaried taxpayers have already filed their ITR and are currently waiting for the tax refund. But if some of you have yet not filed your return, you need to be aware of a few key points before you press ‘submit’ on the e-filing portal.
Filing ITR: Take note of these 6 points
I. Registration is important: If you are filing your return for the first time, you need to first register on the income tax e-filing portal. Learn the process here. If you are already registered, you only need to log in to the e-filing website.
II. Which form to use: Typically, you need to use ITR-1 if your income only accrues from salary and one house property. But if you have more sources of income, you may have to use ITR-2. Read this article to know more about which tax form you will need.
III. Documents you require: You need a set of documents before filing your ITR. These documents are Form 16, Form 26AS, AIS, PAN, capital gain P&L statement, and bank interest statement.
IV. Do it yourself or engage a CA: Typically, if your income is simple and straightforward, you can file your return on your own. But if you have multiple sources of income, such as capital gains from the sale of cryptos and property, it is recommended to engage a chartered accountant to make sure you pay the correct tax liability.
V. Cross-verify details with 26AS: The tax deducted at source (TDS) reflected in Form 16 should match with details given in 26AS. It is a statement of all the details of TDS, tax collected at source (TCS) and advance tax paid by the taxpayer.
If the mismatch between Form 16 and 26AS took place because of errors in Form 16, the taxpayer should ask the employer to issue a revised Form 16 with the correct TDS details. Once the revision is correctly done, the difference is cleared. In case the revision is not possible, the taxpayer can file the return with the help of available data, such as salary slips, amount credited in the bank and provide all the necessary documents and proofs.
VI. e-verify your return: After you file your return, it is important to e-verify it. You can find more details about e-verification in this Livemint article.
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