Income Tax Return: If you have not yet filed income tax return, then do this work immediately because its deadline is ending in just two days and there is little hope of extending it further.
ITR Filing Deadline: Only three days are left to file income tax return without penalty. In such a situation, if you have not yet filed ITR for the financial year 2022-23 and assessment year 2023-24, do this work immediately, otherwise you will have to pay penalty from August 1. The Income Tax Department is repeatedly advising taxpayers to file ITR on time to avoid penalty. More than 5 crore taxpayers across the country have filed their ITR. If you are also going to file the return at the last moment, then it is important to take care of some special things while doing this work.
Why is it necessary to file ITR?
Experts advise every salaried person to file ITR even if the salary is less than Rs 5 lakh. By filing ITR even without tax liability, you get back the excess deducted TDS amount. Along with this, this document can also be used as an income and address proof.
Where to file ITR
To file taxpayers ITR, click on the official website of Income Tax Department incometaxindia.gov.in . Go here and login by entering your PAN number and password. After this, you can easily do e-filing here. It is necessary to choose the right form while filing ITR. If your salary is Rs 50 lakh per annum, then Form-1 is right for you. On the other hand, Form-3 is correct for people earning through business. Keep in mind while choosing the form, otherwise you may have to face income tax notice later.
Must do ITR verification
Income tax return filing is not considered complete until you complete the process of e-verification. For this the IT department gives 120 days time. If you do not do this work within the stipulated time, then your ITR will be rejected. OTP will come on the number linked to your Aadhaar for e-verification, enter it. After this the process of e-verification will be completed. Apart from this, you can also complete the process of verification of Net Banking, Bank ATM and Demat accounts.
Avoid making these mistakes-
While filing income tax return, people usually make some common mistakes due to which they have to face IT notice later. Keep in mind that while filing ITR, share the information of all your capital gains. If you have earned or have property from abroad, then declare that too. It is also necessary to include the income from FD scheme in ITR.
