The last date for filing income tax is 31st July, keep these 9 things in mind before filing

Income Tax Return Filing: The last date for filing income tax returns is July 31, 2024. Taxpayers must have all the required information and documents ready to avoid last-minute delays or further penalties.

It is important to file ITR in the proper manner to comply with tax rules and avoid unnecessary penalties. To ensure that you file your ITR on time and hassle-free, keep these 9 points in mind.

1. Collect all the required documents. Make sure you have all the documents like Form 16, Form 26AS, bank statements, investment source, etc.

2: Choose the right ITR form. Select the ITR form based on your income source and category.

3. Know all the sources of income. And this includes all sources of income like salary, rental income, interest on deposits, dividends etc.

4. Verify TDS. Double-check the source of income information given in Form 26AS to ensure accuracy.

5. Claim deductions and exemptions. Use the deductions and exemptions available under Section 80C, 80D, 80I, etc. to reduce your taxable income.

6. Calculate and pay any tax due before filing your return to avoid interest and penalties.

7. Check loss carry forward. Claim carry forward of previous year's loss, if applicable, for reimbursement from current financial year's income.

8. Verify the return after submitting it. Verify your ITR thoroughly to ensure that all the information is correct and complete. Verify your return using Aadhaar OTP, EVC or by sending the signed ITR-V to CPC, Bangalore.

9. Keep the slip safe. Save the receipt for future reference and filing proof.