Even as 25 days are left to the ITR AY 2023-24 deadline, a significant number of income tax filers are yet to file the income tax return for the financial year 2022-23. Those who are salaried employees can file it using ITR-1, while those having other sources of income need to use other forms to file ITR. The last date to file the ITR is July 31. Here are some tips:
Know Your Tax Slabs
While filing the ITR, it is important to know the slab rates under both the regimes — new tax regime and old tax regime. Tax slabs are different under both the income tax regimes. Know the slabs will help you save taxes.
Use Correct ITR Form
There are around 7 income tax forms. Each form is different and is for a particular type of tax filer. You must know which form is appropriate for you, so that any income tax notice can be avoided in future. For those having only salary income, they can file it using ITR-1, while those having other sources of income need to use other forms to file ITR.
Keep Ready Documents Required
PAN card, Aadhaar card, Form 16, Form 16A, 16B, 16C, bank statement, Form 26AS, investment proofs, rent agreement, sale deed, and dividend warrants may be required to file the income tax return.
Form 26AS
Form 26AS can be downloaded from the income tax portal. It is an annual tax statement like a tax passbook that has details of the taxes deposited and deducted with the government against your PAN.
Correct Bank and PAN details for Successful Refund
In case of name in your bank account not matching with PAN details, it might show ‘Refund Restricted’ under the ITR status. To avoid such situation, please check your account details carefully for successful refund.
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