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Completing an income tax return form is an arduous task for most taxpayers. Most such filings are done incorrectly and within a short while, the income tax department is sending out notices. This adds to the burdens of taxpayers even more. To avoid such issues, it is best to follow these 5 steps before submitting the ITR (how to file ITR). Once these are followed, there will be no further need to worry about departmental action.
Make sure the deadlines are met -
Taxpayers have until the 15th of September to submit their ITRs. If it is submitted after this deadline, it will result in a notice being sent out which could lead to incurring fines from the department. Prior to submitting the ITR for the FY 2024-25, these 5 things need to be completed.
1. Gather all required documents ahead of time -
There are numerous disclosures with regard to income and expenditure in ITR (ITR rules 2025). There are discrepancies that the Income Tax Department looks to match against this income and expenditure submission. If an imbalance is spotted, the Income Tax (income tax rules) department will issue a notice. There is a need to gather all documents for income and expenditure to ensure smooth filing of ITR, that’s why you shouldn’t wait until the last minute and be proactive in document gathering. Only through these documents can you get tax exemption.
2. Gather the profit and loss details for the year-
There are no such principles of investments formulated by the Income Tax Department. It is necessary to incur a tax loss in the process of claiming this benefit. Unlike interest received from the stock market, mutual funds, property, savings accounts, FD (fixed deposit) and many more, assess this loss and profit in the form of interest income and gather the requisite tax documents. This will enable you to experience ease while filling ITR (ITR new Rules).
3. Match these in Form 26AS-
While filing ITR (income tax return), examine the TDS and advance tax payments made in Form 26AS. Make sure that there is no mismatch. You can rectify it by reaching out to the company owner which could be your employer, the bank or the income tax department. After this step, pick a tax regime and then file ITR within the deadline.
4. Select the proper ITR form -
To comply with the regulations concerning ITR (ITR Filling Rules), it is imperative to pick up the correct ITR form. A common concern is concerning seven different types of ITR forms. Most individuals just cannot remember which form applies to them. You may consult an expert or CA, to get the right form. Submitting the ITR form without incorrect assumption could lead to categorizing it as defective return. In this situation it will be necessary to analyze the source of income and see what category of taxpayer you are to view if you should be choosing ITR form 1 to form 7.
5. Ensure these documents will be with you -
Alongside the other necessary documents like Aadhaar Card, Form ITR also requires ITR Filing Rules to be followed diligently. From the employee’s side, make sure that Form 16 along with 26AS and AIS is verified. Ensure that the PAN and Aadhaar Card are not only verified, but also linked. Employees have to get Form 16 from employer. People investing in PPF’s LIC’s and ELSS’s must gather the corresponding receipts as well as forms. For instance, under section 80C for income tax there are tax exemption rules, where these would fall under. Further benefits can be drawn under section 80D, where medical insurance is also exempted under tax.
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