The Income Tax (I-T) department has enabled the online ITR-1, ITR-2 and ITR-4 forms with pre-filled data for the Assessment Year 2023-24
Taxpayers can now start filing Income Tax Return (ITR) for financial year 2022-23 (assessment year 2023-24). The deadline for the same is July 31, 2023
While filing ITR, taxpayers can make mistakes, which can lead to several complications, like rejection of return form
The Income Tax Dept has issued different forms for different types of taxpayers. For example, ITR-1 is for resident individuals having income up to Rs 50 lakh, ITR-3 is applicable for income from business or profession, and ITR-4 is for the freelancers. So, taxpayers should be careful while choosing the ITR form
While filing the returns, taxpayers must write the correct assessment year. For FY23, the correct corresponding AY is 2023-24
Form 26AS is a summary of TDS and tax payments on the income, such as salary, interest, or sale of immovable property. Before filing, one should verify the TDS and tax payments with Form 26AS
Taxpayers have 30 days to verify their ITR after submitting the completed ITR form
Taxpayers should declare all their bank accounts in India except dormant accounts. The taxpayers can choose the bank account in which they want to get their refund credited
Taxpayers should mention all sources of income. Like previous, current employer, income from investments and then file it under the appropriate ITR form
Taxpayers should mention complete details of the sale of capital assets, purchase and expenses to calculate the capital gain. Filling correct information can help taxpayers claim capital gains exemption
Taxpayers should report interest income from fixed deposits, savings accounts, post office saving schemes, bonds and other investments. All these investments are eligible for tax deduction
Taxpayers should maintain proper records of documents like Form 16, Form 16A, bank statements, investment proofs, and rent receipts for a minimum of six years before filing the ITR