What Things To Keep In Mind When Filing ITR

When you file your Income Tax Return (ITR), accuracy is key. This helps you avoid notices, penalties, and delays in getting your refunds.

Here’s a checklist of key things to keep in mind:

Before Filing

1. Collect All Documents

   • Form 16 (from employer)

   • Form 26AS (tax summary from the IT dept)

   • Annual Information Statement (AIS)

   • Bank interest certificates (FD/SB)

   • Investment proofs (80C, 80D, etc.)

   • Capital gains details (if applicable).

2. Choose Correct ITR Form

   • ITR-1: Salaried individuals with simple income.

   • ITR-2: Income from capital gains or >1 property

   • ITR-3: Business/professional income

   • ITR-4: Presumptive income scheme

3. Verify Personal Info

   • PAN, Aadhaar, address, mobile, bank account (for refunds)

While Filing

1. Report All Income

   • Salary

   • Interest (savings, FDs, etc.)

   • Capital gains

   • Freelancing, side gigs, rent, etc. (Don’t hide anything — it’s all tracked in AIS)

2. Ensure accurate claim deductions.

   • 80C (LIC, PPF, ELSS, etc.)

   • 80D (health insurance)

   • 80TTA/TTB (savings interest)

   • Home loan interest (Section 24)

3. Cross-Check TDS

   • Match TDS in Form 16 with Form 26AS and AIS

4. Pay Self-Assessment Tax (if needed)

   • If tax is still due, pay via Challan 280 before submitting ITR

5. Check Tax Regime (Old vs New)

   • Select the one that gives the lowest tax for your case

After Filing

1. e-Verify the Return

   • Use Aadhaar OTP, net banking, bank account, or Demat verification

   • You must complete it within 30 days of filing.

2. Save Acknowledgment & XML File

• Useful for future reference, loans, or audits

Common Mistakes to Avoid

• Choosing wrong ITR form

• Double-claiming deductions

• Ignoring Form 26AS/AIS mismatches

• Missing out income from old employer (job switch)

• Not e-verifying return

Ezymoneydeals Assistance

Ezymoneydeals offers comprehensive assistance in filing your ITR, ensuring accuracy and compliance. Their services include:

• Document Verification: Ensuring all necessary documents are in order.

• Form Selection: Helping you pick the right ITR form for your income sources.

• Tax Calculation: Calculating your tax liability with precision and identifying eligible deductions.

• Filing and Verification: Filing your ITR and assisting with the e-verification process.

We can simplify the ITR filing process. Our team ensures you meet all the requirements and deadlines.

For personalized help or questions about your ITR filing, just ask!

Team Ezymoneydeals