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.
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