Today i.e. 15 September is the last day to file income tax returns. If you have not yet filed your income tax return (ITR), then you are a really courageous person. You have to retain this courage. There is also the reason for this. The way people are broken on the income tax website in the last days, since then they are also facing trouble in filing returns. There is no need to panic you like this. On September 15, you can file your return even today. You can also save yourself from fine. By the way, some experts also say that the way the demand for date -extending is coming out, it seems that the ministry gives 15 days more time to the people.
According to the data of the Income Tax Department, more than 6 crore returns had been filed, and even if 10 percent more taxpayers also file their returns, this time about 8 crore returns will be filed (based on data of 7.28 crores last year). This means that 2 crore returns can be filed. Let us also tell you that it is very important to take care of which 10 things to file returns.
Keep these 10 things in mind
- First of all, if you are filling ITR for the first time, then you have to register on the IT portal before logging in.
- After logging in, you can assess your total tax with the help of tax calculator. With the help of calculator, you can find out how much your tax liability is, keeping in mind your current income and cuttings.
- Then you can choose the option of that tax regime that reduces tax. Income tax portal also pays comparative tax according to old and new tax systems.
- It is important to have access to the required documents related to your income and tax liability. These documents include Form 16, Interest Certificate, AIS (Annual Information Description) and TIS (taxpayer information summary).
- Form 16 is issued by employer, while interest certificate can be downloaded from net banking. AIS and TIS can be downloaded from the Income Tax Portal.
- Another important thing to remember is to choose the right income tax form. While ITR-1 and ITR-2 are used by salaried professionals, ITR-3 is for business and professionals. This time, you can also file ITR-1 on long-term capital gains up to Rs 1.25 lakh.
- There may be some difference in the information given by you (Form 16) and tax documents (26As). In such cases, the solution of this difference is necessary. If there is any difference, the taxpayer can also get a faulty return notice from the Income Tax Department.
- Almost everyone is having problems in downloading the necessary form because the site is still slow. Therefore, you should not panic and try to remain calm.
- If you are filing returns for the first time, then you can take the help of a chartered accountant or tax specialist to file your return. This can be expensive, but it will save you a lot of money which you have to pay in the state of faulty returns.
- Finally, but the most important thing, do verification of your returns. If you do not verify the return, your return may be invalid.