Top 5 things to keep in mind while filing income tax returns Filed ITR for AY 2022-23
July, 11th 2022
The deadline for filing income tax returns for the fiscal year 2021-22 and 2022-23 is quickly approaching.
So, if you haven't filed your IT taxes for FY 21-22 yet, make sure you do so by July 31, as that is the deadline. Additionally, before submitting your ITR, you should gather any earnings and investment-related papers.
Top 5 things to keep in mind:
Though the Income Tax Department provides pre-filled forms to make filing tax returns easier, you should maintain all relevant papers on hand and cross-check every field in the pre-filled form.
Make certain that you report all sources of income. This will assist you in avoiding any penalties.
When submitting your income tax return, compare the tax deducted on Forms 16 and 26AS.
If the TDS amount on Forms 16 and 26AS is not the same, contact the employer and have it corrected.
Form 16: It is a document produced by your employer that details your salary for the year as well as the TDS deducted.
Form 26AS: It is a statement of taxes deducted on your behalf and taxes paid on your behalf over the course of a fiscal year.
Before filing the return, select your tax regime (new or old) based on your needs.
The new regime calculates tax at a lower slab rate, but the taxpayer is forced to forego several deductions and exemptions that were previously accessible.