The Income Tax Department is providing a separate facility to file income tax return online. Taxpayers can visit the official website of Income Tax Department to file ITR.
Image Credit source: Representational Image
If you want to file your Income Tax Return (ITR) for the financial year 2023-24, then you have to take care of some important things. Otherwise, you may have to face many difficulties. Therefore, you will have to file income tax return for the new financial year by 31 July 2023. if you are on time ITR file If you don’t, you may have to pay a heavy fine. And you can also be sent Netis by the Income Tax Department.
Explain that filing your Income Tax Return (ITR) is an important part of being a responsible citizen. It is a form that is required to be filled by taxpayers to share the income generated during a financial year and the tax details paid on such income to the Income Tax Department. It allows taxpayers to carry forward any loss and claim refund from the Income Tax Department. You can download forms from the official website of the Income Tax Department for different status of income and for filing ITR.
Submit the form within the deadline
You have to keep in mind that fill the ITR form correctly without any mistake. Fill your form completely and submit it within the deadline. Different types of taxpayers require different types of ITR return forms. The Central Board of Direct Taxes (CBDT) has already announced ITR Forms 1-6, ITR-V (Verification Form), and ITR Acknowledgment Form for Assessment Year 2023-24 (i.e., FY 2022-23). The timing of this action will help the taxpayers to make necessary preparations.
read this also – PPF, NSC: If Aadhaar number is not given by this date, then your investment will be frozen
Separate facility for electronic filing
The Income Tax Department is providing a separate facility to file income tax return online. Taxpayers can visit the official website of Income Tax Department for filing income tax return online. Your obligation to file income tax return gives you the honor of consciously helping in the development of the country.
Additionally, it establishes your creditworthiness in the eyes of the lending institutions and enables you to avail of several financial benefits like bank credit and others. You can select the appropriate ITR form by selecting “Help me decide which ITR form” on the e-filing portal while filing ITR.
read this also – Why is it necessary for senior citizens to file income tax return, know the details
Take special care of these things
Before filing your income tax return, you must collect all the necessary documents such as Form 16, Salary slips, bank statements, TDS certificates, investment proofs and bills related to your income, investments and expenses.
- You have to determine your income source.
- Select the correct ITR form applicable to you.
- Verify TDS details. Claim all available deductions.
- Calculate tax liability and verify your ITR.
- Retain a copy of the filed ITR as proof of its filing.
Explain that it is very important to fill your ITR smoothly and correctly to avoid any fine or penalty. Taxpayers must visit the official website of the Income Tax Department for more information and seek the help of an expert for any clarifications or queries.
: Language Inputs