Income Tax Return: After one month of financial year 2024-25, the pace of filing Income Tax Return (ITR) is also increasing. Due to your technical convenience, many people have started filing their income tax returns themselves. In such a situation, some people make mistakes in a hurry, due to which they later get a notice from the Income Tax Department.
Here we are telling you what things should be kept in mind while filing ITR, so that you can avoid notices and fines from the Income Tax Department.
Download Form-16 or 16A
Form-16 is required to file ITR. You can get Form-16 by talking to your company. It also contains information about the tax levied on your salary. Salary breakup also happens. If there is no HRA (Housing Rent Allowance) in it, then it can be given while filing ITR.
Check all the details
Before filing your return, make sure to check Form 26AS. It contains your tax details. Cross-check it once to see whether all the information is correct or not. This will give you a chance to correct any errors in time. However, it may take 7-10 days, so make your planning accordingly.
Match 26AS with AIS
To check Form 26AS, match it with the Annual Information Statement (AIS) form. AIS contains complete details of your salary, rent and interest earnings. If you feel that any information is missing, it should be mentioned while filing ITR.
Give complete information about interest also
Many taxpayers avoid giving information about income from other sources. This also includes the amount received from interest. But, this could be a matter of inviting trouble. You should declare all your sources of income in ITR. With this, you will not get income tax notice later, because the department has information about your transactions.
Give details of foreign assets also
If you have property abroad, then you should also give information about it while filing ITR. You will also have to tell how much of your property is in which countries. Also, if you have deposited money in any foreign bank, then you will also have to inform about that. By doing this the Income Tax Department can take action later.
