Income Tax News: Filing income tax returns in India sometimes becomes totally confusing, specifically when you have income from more than one source. Here are some essential tips to smoothen the tax filing process for 2024 about Form 26AS and choosing the right income tax return form.
Understanding Form 26AS
It is important to note that Form 26AS encompasses all tax-related information, that is, TDS and TCS being deposited against your PAN. Please verify it before filing your returns so that there is a match in the income as shown by you to what has been reported by the employer, banks, and others by way of deductions. Please rectify the mismatches before the notice from the Income Tax Department, causing a delay in processing your returns.
Choosing the Correct ITR Form
Selection of the correct form is very critical based on the sources of your income and residential status. For example,
Sahaj: This particular form is applicable for individuals who have income under the heads of salary, one house property, and income from other sources, such as interest.
ITR-2: This is for individuals and HUFs who are not eligible to file ITR-1 but have more than one house property or gain.
Ensure that you fill the form properly and declare the information of all your sources of income. It is also going to save you from penance and questioning from the tax authorities.
Other Tips to File Your Returns Hassle-Free
Documents in Place: All the desired documents such as salary slips, bank statements, proofs of investments, rent receipts, etc., need to be in place to be filed before the commencement of the process.
Claim Deductions: Avail yourself of deductions that help under Section 80C (for investments) or Section 80D (for premium health insurance), etc., which will reduce your taxable earnings, and thus tax.
File Returns on Time: Returns should be made before due dates, with most individuals having a last date of 31st of July. This will save you from any kind of late fee or interest on taxes that are still unpaid.
Seek Professional Help: If you are unclear about the process in any way, seek help from a tax professional who will lend you advice personalized for your needs and goals. The individual will also ensure that you’re in compliance with the law in carrying out the process.
You will go ahead and file income tax returns for 2024 without much struggle by following these steps, which are a bit complex but which to be done will ensure proper accuracy and law compliance.