As a taxpayer, it is crucial to follow all guidelines and rules to ensure compliance with tax laws when filing your return. Make sure to cross-check details like PAN, permanent address, contact information, and bank account details.

Income Tax Return Filing 2024: The deadline for filing income tax returns for the financial year 2023-24 is July 31, 2024. The Central Board of Direct Taxes (CBDT) made the ITR forms and Excel utilities available on the e-filing portal in early April to facilitate early return filing. However, many salaried individuals delay filing until they receive Form 16 from their employers in mid-June.

For a hassle-free tax return filing experience, ensure you have key documents such as Form 16, Form 26AS, AIS, bank statements, passbooks, interest certificates, and receipts for exemptions or deductions. It is also important to verify that the pre-filled details like PAN, address, contact information, and bank account details are accurate in the ITR form.

10 Essential Tips for Filing Your Income Tax Return

1. Identify All Income Sources: Accurately disclose all income sources, including salary, rental income, interest income, and capital gains.
2. Choose the Correct ITR Form: Select the appropriate ITR form based on your income sources, residential status, and other factors to avoid complications.
3. Maintain Records: Keep detailed records of income, deductions, investments, and expenses. These may be required for verification.
4. Claim Deductions and Exemptions: Utilize deductions under sections like 80C, 80D, and 80G, and exemptions such as House Rent Allowance (HRA) and Leave Travel Concession (LTC) to minimize tax liability.
5. File Within Due Dates: Submit your ITR by July 31 to avoid penalties.
6. Verify and Submit: Verify your ITR using Aadhaar OTP, net banking, or by sending a signed physical copy to the CPC Bangalore within 30 days of e-filing.
7. Disclose Foreign Assets: Ensure proper disclosure of any foreign assets or income under the Foreign Asset Reporting requirements.
8. Pay Advance Tax and Check TDS: Pay advance tax if your tax liability exceeds Rs 10,000 in a financial year and ensure that TDS is correctly reflected in your Form 26AS.
9. Revise and Correct Errors: If you discover errors or omissions, file a revised return within the stipulated timeframe.
10. Comply with Notices: Promptly and accurately respond to any notices from the Income Tax Department to avoid penalties.

Filing your ITR involves adhering to several guidelines and rules to ensure compliance with tax laws. By following these 10 essential tips, you can navigate the process smoothly and accurately.