Income Tax Return (ITR) 2023-24: 6 Essential points and 6 tips for error-free filing

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One should always pay attention to every minute detail while e-filing ITR (Income tax return) for a hassle-free experience, especially with the tax regimes, deductions and benefits changing every year, Business Today wrote.

“Filing an income tax return is not a cakewalk for everyone," said Vikas Dahiya, Director of All India ITR, according to Business Today. "For many people not familiar with the taxation policy and schemes, it is a very complex and tedious process and that’s why they seek assistance from professionals to file their income tax return”

Key essential points for filing income tax returns

The following are some key points for error-free e-filing of tax returns, according to the Business Today article.

1. Select the correct ITR form: With different ITR forms for varied taxable persons like salaried, self-employed and so on, it is of significant importance to select the right ITR form.
2. Accurate personal information: Any error in personal details like PAN number, Name and address can lead to rejection or delay in E-filing. Therefore, it is of vital importance to fill in the details mindfully and double-check all the entries and details.
3. Correct bank account details: The applicant should re-check all the bank details to be eligible for any refunds that may be directed to his/her bank account.
4. Transparent income reporting: Contrary to normal thinking, one must declare their income across various sources which include capital gains, rent and even gifts.
5. Exemptions and deductions: It is necessary to be aware of all the deductions, and sections and to keep all supporting documents handy while filing ITR.
6. Verification of ITR: After filing the ITR, make sure to verify it. This can be easily done via electronic verification (EVC) or you can send a signed physical copy of your return to the CPC, Bengaluru.

More tips for filing income tax return

The following are some more quick tips for easy e-filing of ITR, according to the article.

1. To avoid late fees and penalties, file the return before the deadline.
2. While using a digital signature, ensure it is valid and correctly applied.
3. To avoid notices from the Tax Department, ensure reconciliation of income and tax with Form 16, Form 16A and Form 26AS.
4. Inform about your foreign income and assets (if any) to avoid severe penalties.
5. Cross-check the pre-filled data with your actual records.
6. Stay informed about updates and changes in the tax laws or return filing procedure.

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