Things To Keep In Mind Before Filing Income Tax Returns

Choosing the right ITR form

There are different ITR forms for various income categories. Make sure you select the correct one based on your income sources

Gather all documents

You require documents like your PAN card, Aadhaar card, Form 16 (from your employer), bank statements, investment proofs, and tax-saving investment receipts.

Understand tax regimes

You can choose between the new and old tax regime. Consider factors like exemptions and deductions to see which one benefits you more.

Report all income sources

Declare income from all sources, including interest on bank deposits, rental income, or capital gains.

Be right on time

The due date for filing ITRs varies depending on your income category. Missing the deadline can attract penalties.

Accuracy and completeness

Ensure all information you provide is accurate and complete. Discrepancies with the information reported by the Income Tax department can lead to delays or scrutiny.

Get an advisor

With people who have a complex tax situation, they should seek professional help to file income taxes.