ITR Filing: Things to Keep in Mind Before Filing ITR, Step-by-Step Guide

Info: If you haven't filed your Income Tax Return (ITR) for Assessment Year 2024-25 yet, then there's no time to lose! As of today, July 14, 2024, there are only 18 days left to file your ITR.

The deadline to file ITR is July 31st, 2024. It's important to avoid waiting until the last minute to file. Experts recommend filing your return as soon as possible to ensure a smooth process.

Before you file your ITR online, it's advisable to do some preparatory work to gather all the necessary documents and information. This will help you avoid any delays or issues during the filing process.

• Gather documents: Form 16, 26AS, bank statements, investment proofs, income source details.
• Choose the right ITR form based on your income and category.
• Report all income: salary, rent, interest, dividends, capital gains, etc.
• Verify TDS (tax deducted at source) details with Form 26AS.
• Claim deductions & exemptions (sections 80C, 80D, etc.) to reduce taxable income.
• Disclose exempted income (e.g., agricultural income) for transparency.
• Pay self-assessment tax (if required) to avoid penalties.
• Claim carried forward losses from previous years (if applicable).
• Validate & verify your return for accuracy, then use Aadhaar OTP or EVC for verification.
• Keep the acknowledgement receipt (ITR-V) for your records.

Experts recommend filing your return as soon as possible to ensure a smooth process.