Keep these ten things in mind while filing ITR, otherwise you will have to pay a fine

Filing of ITR: The Income Tax Department has provided many facilities to make filing income tax returns (ITR) easier. A simple system has been designed to enable taxpayers to file IT returns on their own. But even a simple mistake during filing can result in your refund being cancelled. Certain types of errors can lead to delays in IT returns, audits or penalties by the Income Tax Department.

Why is it important to file ITR?

Filing your ITR is important for several reasons. Primarily, it fulfils the legal obligation under the Income Tax Act to ensure compliance with tax laws and regulations. Also, it documents your income from multiple sources, facilitates financial planning and provides necessary documentation for loans and other government documents like income certificates.

Some important points to consider while filing ITR for 2024

1. Make sure you have all your income statements, proof of deductions and other relevant documents ready before you begin the filing process.

2. Maintain a record of all documents, receipts and evidence related to income, investments and deductions. This may be required for any tax audit in the future.

3. Make sure your name, address, PAN and bank account details are correct. Any error here can cause trouble.

4. Include all sources of income such as salary, rental income, interest earned from savings and investments. Penalties may be levied if any income is not taken into account.

5. Claiming eligible deductions under Section 80C, 80D etc. and making false claims may not be allowed. May lead to legal trouble.

6. The TDS (tax deduction at source) details in Form 16 must match the details given in Form 26AS. Any mismatch can cause problems in your tax calculation.

7. Select the appropriate ITR form based on your source of income. Using the wrong form may result in your return being rejected.

8. Failure to verify may render the filing invalid. Do not skip this step or else your return will be considered invalid.

9. Always double-check your return for any mistakes before submitting it.

10. Consult a tax expert/CA if necessary. If you need to contact the Income Tax Department, do not hesitate to seek help.