ITR Filing Checklist: There are many people who wait till the last date to file ITR. This should not be done and the income tax return should be filed as soon as possible. 9 things that income tax returnees should keep in mind.
ITR Filing Last Date is fast approaching. Many people have filed tax returns, but there are many people who have not yet filed ITR. Till now the government has not extended the last date for filing ITR. In such a situation, you should also file ITR by July 31. If you wait till the last date, then maybe later due to overcrowding, the website may start having problems. In such a situation, you should file ITR as soon as possible. Let us know which 9 things you should keep in mind before filing ITR.
1- First download Form-16 or 16A
3- Check income and TDS-TCS details in AIS form
Once you have checked Form 26AS, you must match it with the AIS (Annual Information Statement) Form. The AIS form contains all the information about the transactions you have done during the year. In this, it is given that how much income you have earned from salary, rent, interest etc. and what you have sold in the meantime. If you feel that any transaction has been missed, then definitely tell it while filing ITR. While filing ITR, it is important that you give accurate information.
4- Obtain Capital Gains Statement Form
If you have invested in stocks or mutual funds, you must also obtain the capital gains statement. Long term gains above Rs 1 lakh attract 10 per cent tax. On the other hand, short term capital gains are taxed at 15 per cent. The calculation of this tax is very difficult, so the tax calculation is done for you by the brokerage firm itself. You can get capital gains statement from your broker and then file ITR.
5- Check bank balance and interest received on deposits
Most taxpayers do not report their income from other sources. It also includes interest income. Keep in mind that the income you get from bank deposits or deposits in any other scheme is required to be disclosed to you at the time of filing ITR. If you have any confusion then you can also see AIS form, it will get information about it. In that form there is a complete record of every transaction related to your PAN.
6- Also tell the earnings from crypto assets
While filing ITR, you also need to keep in mind that you will have to declare income from crypto assets. A 30 percent tax has been announced on crypto in this year’s budget. In such a situation, this tax will not be applicable while filing ITR, but experts believe that this time also it is better to protect yourself by paying 30 percent tax. So if you have also invested money in crypto, then definitely declare it and also pay tax.
7- Provide information about foreign assets and income
While filing ITR, you will also have to mention where your assets are abroad. Also, if you have received any income from any foreign property, then the information will also have to be given to the Income Tax Department. In such a situation, it is important that you get all this information in advance and must show it in the ITR filing. If you have kept money in any bank abroad, then it is also necessary to tell about it.
8- Check deduction and exemption in the final form
After you have filled all the information in the income tax return form, then definitely check it once. Do not file tax return in haste. Now Income Tax Return Forms are much easier than before and a lot of information is pre-filled in them. However, there are many such information, which are not in the form and it is not easy to check them. In this case, you can also take the help of a tax expert. There are also many tax portals in today’s time, which provide help in return for a nominal fee.
9- Verify the tax return
Mere filing of ITR is not enough. After filling the ITR, it is also necessary to get it verified. The process of filing ITR of any taxpayer is not considered complete until he gets the ITR verified. Any person can get ITR verified with the help of 6 methods.
1- You can easily verify your tax return through Aadhar OTP, but for this it is necessary to have your Aadhar-PAN link.
2- If you want, you can also verify your tax return by logging into your netbanking account.
3- You can also verify the return by generating the Electronic Verification Code i.e. EVC from your bank account.
4- You can also use demat account to verify ITR return.
5- The facility of verifying returns is also available through bank ATMs.
6- Apart from these, you can sign a copy of the ITR-V form and send it to the Income Tax office in Bangalore.
