ITR Filing Last Date: The deadline for submitting income tax returns is drawing near. The ITR filing date has been set by the Income Tax Department as July 31, 2022. The taxpayer has until this time to submit his tax return for the fiscal year 2021–2022 or assessment year 2022–2023. If the income tax return is not filed by this deadline, you can be subject to a penalty.
There are only a few days left for you to finish this crucial task; you can fill out the return online while sitting at home. This procedure is simple to complete online while seated at home. While filing the return, it is quite necessary to keep a few things in mind. You won’t have any issues filing the return if you do this.
Experts advise against waiting until the last day to file an ITR report because it requires carefully entering all information relating to income. You shouldn’t receive a warning from the Income Tax Department because you withheld any information. The Income Tax Department frequently reminds people to file their ITRs before the deadline.
Consolidate using Form 26ASTo determine whether tax regime is appropriate, one must first compile a list of all sources of income and tax savings for the year. You might have received money via the sale of real estate, the redemption of mutual funds, or bank deposits. This approach will make it impossible to make mistakes while requesting the deduction. Additionally, be sure to use Form 26AS to calculate any discrepancy between your income and TDS amount. If Form 26AS has inaccurate information, get in touch with the deductor to get it corrected by amending the TDS return so that your form reflects the accurate data.
Also Read: Cryptocurrency Update: Know Latest Update About Cryptocurrencies
The proper ITR form to choose It is crucial for taxpayers to choose the appropriate ITR form. The seven different ITR form types are based on the various taxpayer classifications. Individuals are eligible for ITR-1, ITR-2, ITR-3, and ITR-4. The form that the taxpayer chooses must reflect both his income and category. Upon receiving a notice from the Income Tax Department, the taxpayer may need to file the ITR afresh if the ITR forms were not chosen correctly.
This must be considered when completing your return in order to calculate your taxable income and, if applicable, establish your tax due. To prevent interest, the unpaid income tax should be paid before filing the income tax return. In addition, double-check all the data you’ve entered before submitting it. Fill in any information you may have overlooked. You should be aware that your income won’t appear on your Form 26AS if you received money from more than one employer during the course of the year and failed to disclose that income to your present employer. Therefore, make sure to report all of your employer’s income in your income tax return.
Initially, log in to https://eportal.incometax.gov.in/. After entering your User ID, choose to continue. Now enter your password to log in. Upon logging in, a new page will open; you must select the “e-file” option here. Select the assessment year after choosing the option to file an income tax return. You must now select the online option before selecting the personal option. After that, select the ITR-1 or ITR-4 form that best represents you. You must select the ITR-1 option if you are employed. When downloading the ITR return form, choose 139(1)- Original return for the filling type. When you do this, the chosen form will open; complete it with the appropriate information.
Also Read – Stock Market Update Today: Today’s Top Gainers
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER.
