The last date for furnishing income tax returns was 31st July 2024 for non-audit cases, and for audit cases, it is 31st October. There is no point in filing it in the last few minutes. You can start the return filing process right away to avoid all the last-minute complications such as technical glitches on the portal or missing data, documents, or information.
These issues and your last-minute mistakes can delay the process and also delay refunds or, worse, invite notices from the tax department. That’s why to help you in your Income-tax return filing we are here with the Things to consider while filing ITR for FY 2023-24.
Why is Choosing the Right ITR Form Important?
There are seven types of income tax return forms, and you have to select one of them by category to file ITR for the financial year 2023-24 (AY 2024-25). Five of these seven are for individual taxpayers, and as per their income level, source of income, and certain other rules they have to choose a form wisely.
Choosing the right form is very important because filing the wrong ITR form will be considered an invalid return filing.
I forgot to submit investment proof to my employer to claim the deduction in January. Can I claim these while filing returns?
Yes, The employer set the last date usually in January and February months to submit an investment declaration to avail the deduction under sections 80C, 80D, 80E, and so on. However, even after many reminders from employers, many people skip presenting proof for their tax-saver investments.
As a result, tax is deducted in excess from salary during the last three months of the FY. If you have missed submitting these proofs, you can still submit the details in your Income Tax Return (ITR) form and claim the deduction as well as tax refunds.
What are the Most Common Errors People Make While Filing ITRs?
As simple as not choosing the right assessment year to not providing the correct bank details. People make mistakes of all types. Make sure to choose the right assessment year i.e. for this Financial Year 2023-24 the Assessment year will be 2024-25. Additionally, You need to provide the correct bank details otherwise wrong details will lead to a delay in the tax refund.
What if I forget to disclose some of the income earned in the last financial year? Will the Income Tax Department send me a notice?
It is possible that some of us, in a hurry to file our tax returns, inadvertently forget to disclose specific income. It happens a lot with the salaried individuals who rely on Form 16 because It doesn’t feature details of made capital gains, fixed or savings deposit interest income, etc. It will become a huge problem because if the Income Tax Department detects this missing income, you could receive a notice.
Is the Verification Process After Filing a Tax Return Necessary?
Yes, because your filing won’t be considered complete until you verify the return within 30 days after filling it. People forget to do so even though the online process takes just a few minutes. The offline method is also available just download the ITR V known as the acknowledgment form fill it and then send it physically to the tax department’s CPC in Bengaluru.
Which One is Better E-verification Process or Physical Verification Process?
In the Physical mode, users have to download, print, fill, and sign the hard copy and then send it to the Income Tax CPC, Bengaluru. Thus Physical mode takes time and more effort.
On the other hand, online mode seems flawless, the e-verification process takes just a few minutes and just a few clicks. You can also use an Aadhaar-OTP or internet banking account/ validated bank account/ Demat account to generate EVC to complete the process. Here EVC stands for Electronic Verification Code.
