Chegg TDS File || ITR Filling || ITR-1 || ITR-2 || ITR -3 || ITR -4 || LAST DATE || FILLING FAST ||
Filing Income Tax Returns (ITR) can be a detailed process, and it's important to ensure accuracy and compliance with tax laws.
Here are some key points to keep in mind when filing your ITR:
1. Know the Due Dates
- Individuals: Typically, the due date is July 31st of the assessment year.
- Businesses and those requiring audit: Due date usually is September 30th or October 31st, depending on the specific conditions.
2. Choose the Correct ITR Form
- ITR-1 (Sahaj): For individuals with income from salary/pension, one house property, other sources, and having total income up to ₹50 lakhs.
- ITR-2: For individuals and HUFs not having income from business or profession.
- ITR-3: For individuals and HUFs having income from business or profession.
- ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) with presumptive income from business and profession.
- ITR-5: For entities other than individual, HUF, company, and persons filing Form ITR-7.
- ITR-6: For companies other than those claiming exemption under section 11.
- ITR-7: For persons including companies required to furnish return under sections 139(4A), 139(4B), 139(4C), 139(4D).
3. Gather Necessary Documents
- Form 16: Issued by your employer detailing your salary and TDS.
- Form 16A/16B/16C: For TDS on income other than salary.
- Form 26AS: Consolidated tax statement for all tax deducted, tax collected, and paid.
- Bank Statements: For interest income and other details.
- Investment Proofs: For deductions under various sections like 80C, 80D, etc.
- Home Loan Statements: For interest and principal repayment details.
- Other Income Proofs: For rental income, capital gains, etc.
4. Report All Sources of Income
- Salary, rental income, capital gains, interest income, business income, etc.
- Income from foreign assets must also be reported.
5. Claim Deductions and Exemptions
- Ensure you claim all eligible deductions under sections like 80C (investments), 80D (health insurance), etc.
- Check for exemptions such as HRA, LTA, and others.
6. Verify TDS Credits
Cross-check TDS details in Form 26AS with your income details to ensure all TDS credits are accurately reflected.
7. Disclose High-Value Transactions
Transactions such as purchase or sale of property, investments in shares or mutual funds, and deposits above certain thresholds must be disclosed.
8. Pay Any Balance Tax Due
Calculate and pay any self-assessment tax due before filing the return to avoid penalties.
9. E-File Your Return
- Use the official Income Tax Department’s e-filing portal.
- Ensure to e-verify your return using Aadhaar OTP, Net banking, or by sending a signed ITR-V to CPC, Bangalore.
10. Keep Acknowledgement Safe
Keep the ITR-V and other acknowledgments safely for future reference and compliance.
11. Rectify Mistakes
If you discover any mistakes post-filing, file a revised return before the end of the relevant assessment year.
12. Understand the New Regime vs. Old Regime
Assess whether you will benefit more from the new tax regime (with lower tax rates but without most deductions) or the old regime (with higher rates but with deductions).
By keeping these points in mind, you can ensure a smooth and accurate ITR filing process.
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