GUIDE TO FILING YOUR INCOME TAX RETURN (ITR) BEFORE 31ST JULY 2024

As the deadline for filing Income Tax Returns (ITR) approaches, it’s crucial to ensure your taxes are filed correctly and on time. Filing your ITR before the 31st July 2024 deadline can help you avoid penalties and interest, and also enables you to claim refunds if any. Here’s a comprehensive guide to help you through the process.

UNDERSTANDING THE IMPORTANCE OF FILING ITR

• Legal Requirement: Filing your ITR is mandatory if your income exceeds the basic exemption limit.
• Avoid Penalties: Late filing can result in penalties and interest.
• Claim Refunds: If you’ve paid excess tax, you can claim a refund only if you file your ITR.
• Proof of Income: ITR serves as proof of income for various financial transactions.

GATHER NECESSARY DOCUMENTS

Before you start the filing process, make sure you have the following documents ready:

• PAN Card
• Aadhar Card
• Form 16 (for salaried individuals)
• Form 16A/16B/16C (for other incomes like interest, rent, etc.)
• Bank Statements
• Investment Proofs (for deductions under Section 80C, 80D, etc.)
• TDS Certificates
• Home Loan Statement
• Capital Gains Statements (if any)

CHOOSE THE CORRECT ITR FORM

There are different ITR forms based on the nature and amount of income:

• ITR-1 (Sahaj): For individuals with income up to ₹50 lakh from salary, one house property, and other sources.
• ITR-2: For individuals and HUFs not having income from business or profession.
• ITR-3: For individuals and HUFs having income from business or profession.
• ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) having income from a presumptive business.

COMMON MISTAKES TO AVOID

• Incorrect Personal Information: Ensure your name, PAN, and other details are correctly entered.
• Mismatch of TDS: Reconcile TDS details with Form 26AS to avoid mismatches.
• Forgetting to Report All Income: Report all sources of income to avoid future complications.
• Not E-Verifying: Ensure you e-verify your return to complete the filing process.

THE LAWTECH WILL HELP YOU !!!!!

If you find the process complicated or have multiple sources of income, consider consulting THE LAWTECH. We can help you file accurately and advise on tax-saving strategies.

Filing your ITR on time ensures you stay compliant with tax laws and helps in maintaining a good financial record. Start early to avoid last-minute hassles and errors. Happy filing!