New Delhi: The deadline for filing income tax returns for the financial years 2021-22 and 2022-23 is approaching.
So, if you have not yet filed your IT tax for FY 21-22, make sure you do it by July 31, as that is the deadline. Additionally, before submitting your ITR, you should collect any documents related to income and investments.
Top 5 things to keep in mind:
- Though the Income Tax Department provides pre-filled forms to ease the filing of tax returns, you should keep all the relevant papers on hand and cross-check each and every field in the pre-filled form.
- Make sure you report all sources of income. This will help you avoid any penalties.
- While submitting your income tax return, compare the tax deducted on Form 16 and 26AS.
- If the TDS amount on Form 16 and 26AS is not the same, contact the employer and get it rectified.
- Form 16: It is a document prepared by your employer which gives details of TDS deducted along with your salary for the year.
- Form 26AS: This is a statement of the taxes deducted on your behalf and the taxes paid on your behalf during a financial 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 accessible earlier.