Ensure you file your ITR before the due date (usually July 31st of the assessment year) to avoid penalties and interest on outstanding tax liabilities.
Double-check your name, PAN (Permanent Account Number), and other personal details to avoid any discrepancies in your ITR.
Select the correct ITR form that matches your income sources and financial situation. Using the wrong form can lead to errors and processing delays.
Ensure you report all your sources of income, such as salary, interest, rental income, capital gains, and any other income accurately in the appropriate sections.
Be aware of eligible deductions and exemptions under various sections of the Income Tax Act to reduce your taxable income and save on taxes.
Form 26AS provides a comprehensive view of the taxes deducted on your behalf. Verify it with your own records to avoid any discrepancies.
Cross-check your income with the TDS (Tax Deducted at Source) mentioned in your Form 16/16A. Any mismatches should be reconciled with the deductor.
If you have foreign assets, such as bank accounts or properties, ensure you comply with the reporting requirements as per the FATCA and FTRA rules.
If you have made donations to eligible charitable institutions, claim deductions under Section 80G, but ensure you have proper documentation.
After filing your ITR, remember to e-verify it through Aadhar OTP, net banking, or other available methods. Failing to do so will render your ITR invalid.