Last-Minute ITR Filing Checklist For 2024 - All You Need To Know

Filing your ITR before the deadline not only helps you dodge penalties, which can max out at Rs 10,000 but also ensures you not to miss out on benefits like carrying forward losses and earning interest on refunds.
Last-Minute ITR Filing Checklist For 2024 - All You Need To Know

Last-Minute ITR Filing Checklist For 2024 - All You Need To Know (Image source: iStock)

If you're filing your Income Tax Return (ITR) in last minute and feeling the time crunch, fret not; you still have ample time, even if it's just a day left. Filing your ITR before the deadline not only helps you dodge penalties, which can max out at Rs 10,000 but also ensures you not to miss out on benefits like carrying forward losses and earning interest on refunds.

Here's a handy checklist for last-minute ITR filing

1. Gather Essential Documents
Ensure you have all necessary documents in place. For employed individuals, Form 16 is crucial, and if you've changed jobs, secure Form 16 from your previous employer too. Keep Form 26AS handy, detailing taxes deducted from your salary and interest income during the year.
2. Match TDS Certificates with Form 26AS
While filing, cross-verify TDS certificates with Form 26AS to ensure all deducted taxes reflect accurately. Only the TDS credits present in Form 26AS will be considered.
3. Include All Income Sources
Note interest income from savings accounts, fixed deposits, etc. Verify interest amounts through your bank's passbook or statements and remember to add this to your income.
4. Calculate Total Income and Tax Liability
Once you have necessary documents, calculate your total income and the associated tax liability. Claim eligible deductions and exemptions like HRA, LTA, and Section 80C to optimize your taxable income.
5. Choose the Appropriate ITR Form
Select the correct ITR form based on your income sources. Utilize the pre-filled ITR forms now available on the income tax department's website for a smoother filing experience.
6. Report Exempted Incomes
Besides taxable income, report incomes exempt from tax, such as PPF interest, dividends, and interest from tax-free bonds.
7. Verify Your ITR
After filing, ensure you verify your ITR within 120 days. Various methods, including Aadhaar OTP and Net banking, can be used for verification.
8. Pre-Validate Your Bank Account
If a refund is due, pre-validate your bank account linked with your PAN on the e-filing website to receive e-refunds.
9. Revise if Needed
If you make mistakes, a revised ITR can be filed.
End of Article
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news