Filing ITR Now? Don’t Hit ‘Submit’ Before Checking These Details

As the July 31 income tax return (ITR) filing deadline draws closer, taxpayers are rushing to complete the process. Spending a few extra minutes reviewing your return can help prevent mistakes that could delay your refund or lead to unnecessary follow-up from the Income Tax Department.

According to the Income Tax Department, more than four crore Income Tax Returns (ITRs) had been filed as of July 27. The department also urged those yet to file to complete the process at the earliest.

Before submitting your ITR, here are some important checks to keep in mind.

ALSO READ : Income Tax Returns: What Happens If You Miss ITR Filing Deadline 

Confirm your personal information

Start by verifying your PAN, Aadhaar, name, date of birth, registered mobile number and email ID. Ensure that the bank account selected for receiving any refund is pre-validated and that the account number and IFSC code are correct.

Verify your income details and report all sources

Before submitting your return, compare the income declared in your ITR with Form 16, Form 26AS, the Annual Information Statement (AIS) and the Taxpayer Information Summary (TIS) to ensure all details match. Apart from salary, make sure you have reported income from savings accounts, fixed deposits, dividends, rent, pension, freelance or consultancy work, capital gains from shares, mutual funds or property, and virtual digital assets, wherever applicable.

Choose the correct ITR form

Different ITR forms apply to different categories of taxpayers depending on their sources of income. Filing your return using the wrong form could make it defective and require you to file again. Make sure the form matches your income profile before proceeding.

Claim all eligible deductions

Before filing, review the deductions and exemptions available under your chosen tax regime. These may include eligible investments, health insurance premiums, National Pension System (NPS) contributions, home loan benefits and qualifying donations.

Report foreign assets

Resident taxpayers who own overseas assets, maintain foreign bank accounts or have earned income outside India should disclose these details wherever applicable in the ITR.

Check your refund bank account

An incorrect account number or IFSC code can delay the refund process. Verify that the correct pre-validated bank account has been selected before submitting the return.

ALSO READ : Tax Return Deadline: 4 Crore+ ITRs Filed; Check Last Date, Documents, Late Fee & Key Rules

Verify tax payments and clear any outstanding dues

Check that the Tax Deducted at Source (TDS) reflected in your return matches the details available in Form 26AS and AIS. Also ensure that any advance tax or self-assessment tax paid during the financial year has been correctly reported. If your tax calculation shows any outstanding liability, pay the self-assessment tax before filing the return and verify that the challan details have been entered correctly.

Review capital gains

If you sold shares, mutual funds, property or any other capital asset during the financial year, ensure that the gains or losses have been calculated correctly and reported accurately in your return.

Review and e-verify your return

Before clicking the final submit button, review your total income, deductions, tax payable or refund amount. After filing, complete the mandatory e-verification through Aadhaar OTP, net banking or any other available method, as the return is treated as filed only after successful verification.

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