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The last date for filing income tax for the financial year 2024 is 31st July. Taxpayers may be fined for filing returns after this. In such a situation, you should deposit income tax on time. However, some precautions should be taken before filing income tax. So that future problems can be avoided. We are telling you about these precautions here.
Select the correct form
You should choose the right form to pay income tax. If you do not do this, you may get a notice after paying income tax and the IT department can also impose a fine on you. Give details of all your sources of income.
Provide details of all sources of income.
While filing ITR, taxpayers must give details of all their sources of income. Full details of savings account, dividend, interest income, rental income, tax-exempt income and gifts received during the year must be given.
Discount on home loan
If a taxpayer earns income from salary, then a part of his salary comes in the form of HRA, on which he gets tax exemption. Along with this, exemption is also available on home loan in the old tax system. All these should be claimed while paying tax.
View Annual Information Statement
This gives complete information about all your financial transactions, investments, cash deposits, dividends, fixed deposits etc. You can easily get SIS from the income tax portal. It should match the taxpayers data. Before investing, consult an expert and give him complete information about your income, expenditure and savings.