What precautions should I take while filing the return of income? Posted on July 28, 2024January 21, 2025 By admin Getting your Trinity Audio player ready... Spread the love Filing your Income Tax Return (ITR) accurately and on time is crucial to avoid penalties and ensure compliance with tax laws. Here are some key precautions to take when filing your return of income: 1. Choose the Right Tax Regime Carefully select between the old and new tax regimes. Each has different tax rates and deductions, so choose the one that benefits you the most. 2. Verify TDS and TCS Details Download your Annual Information Statement (AIS) and Form 26AS to check the actual Tax Deducted at Source (TDS), Tax Collected at Source (TCS), and other taxes paid. If there are discrepancies, reconcile them with the relevant entities like your employer, tax deductor, or bank. 3. Gather and Review Necessary Documents Compile and carefully review all relevant documents before filing your ITR. These include: Bank statements or passbooks Interest certificates Receipts for claiming exemptions or deductions Form 16 (for salaried individuals) Form 26AS Investment proofs 4. Verify Pre-Filled Information Ensure that all details in the pre-filled data are accurate. This includes your PAN, permanent address, contact details, bank account details, and more. 5. Select the Correct ITR Form Identify the correct ITR form for your situation (ITR-1 to ITR-7) based on your income sources and other relevant factors. Accurately report all income, deductions, and taxes paid. 6. File Your Return on Time e-File your return before the due date to avoid penalties. Late filing can result in late fees, the inability to carry forward losses, and loss of certain deductions and exemptions. Also Read: What are the types of income that shall not form part of ITR 1 form? 7. Verify Your Return After e-filing your return, e-verify it through the Income Tax Department’s website. Alternatively, you can manually verify your return by sending a signed physical copy of the ITR-V Acknowledgement by speed post to the Centralized Processing Center, Income Tax Department, Bengaluru 560500 (Karnataka), within the specified timelines. Also Read: What documents do I need to file ITR-1? Conclusion Taking these precautions can help ensure a smooth and accurate filing process, avoiding potential issues with the tax authorities. Always double-check your information and keep your records organized and up-to-date. Download QR 🡻 Finance
Income Tax Slab for AY 2025-26 Posted on February 1, 2025February 1, 2025 Spread the love Spread the love The Indian government has introduced new income tax slabs for the assessment year (AY) 2025-26, bringing changes aimed at benefiting taxpayers, especially the middle class. The revised tax structure ensures a more progressive taxation system, allowing individuals to maximize savings while fulfilling their tax obligations. Revised Income… Read More
What documents do I need to file ITR-1? Posted on July 28, 2024January 21, 2025 Spread the love Spread the love When filing your Income Tax Return (ITR) using the ITR-1 form, certain documents are essential to ensure accurate and complete reporting. Although ITRs are annexure-less, meaning you don’t need to attach these documents with your return, it’s important to keep them handy for reference and potential future… Read More
What are the types of income that shall not form part of ITR 1 form? Posted on July 28, 2024January 21, 2025 Spread the love Spread the love The Income Tax Return (ITR) form ITR-1, also known as Sahaj, is meant for individuals with relatively simple income situations. However, certain types of income must not be reported on this form. Below are the types of income that are excluded from ITR-1: Types of Income Not… Read More