ITR for AY 2022-23: Five things to keep in mind while filing your income tax returns

The last date to file the income tax returns for the financial year 2021-22 and assessment year 2022-23 is just around the corner.

So, if you haven’t filed your IT returns for FY 21-22 yet, make sure you do it by July 31 as it is the last date to file the returns. Also, you should assemble all earnings and investment-related documents before filing your ITR.

Here are 5 things you should keep in mind while filing your ITR returns:

1. Though the Income Tax Department provides pre-filled forms to make the filing of tax returns hassle-free, you should keep all the documents handy while filing the return and cross-check every field in the pre-filled form.

2. Make sure that you are reporting all sources of income. This would help you avoid any penal provisions.

3. Compare tax deducted in both Form 16 and 26AS while filing your income tax return.

If the TDS amount in Form 16 and 26AS is not the same, reach out to the employer and get it rectified.

Form 16: It is a certificate issued by your employer detailing the salary you have earned during the year and the TDS that was deducted.

Form 26AS: It is a statement of taxes deducted on your behalf and taxes paid by you in a financial year.

4. Choose your tax regime – new or old — as per your requirement before filing the return.

The new regime calculates tax at a lower slab rate but the taxpayer is made to forgo various deductions and exemptions available under the old regime.

5. You must e-verify the return after filing your income tax as the process is not complete until you verify the ITR.