ITR Filing Last Date: As the deadline comes closer here are some steps you can follow to file ITR by yourself at home
As the income tax return filing date comes closer, taxpayers are being directed by the authorities to not wait till the last date and finish their work as soon as possible. The last date to file ITR is 31st July, 2022.
The Income Tax Department has declared 31st july to be the last date for filing the ITR. Till this date people can file their ITR for the financial year 2021-22 or 2022-23. The income department has said that not following the deadline may lead to penalties.
File the ITR online at your home
There are only a few days left to file the ITR. You can fulfill this process at the leisure of your home too. There are few important things which you need to keep in mind while filing the return so that you don’t face any complications during the process.
1. Don’t wait till the last date
According to the experts, while filing the ITR it is very important to enter all the information related to income very carefully. Any wrong or misleading information can lead you towards getting a notice from the Income Tax Department. The Income department has been continuously suggesting people to not wait till the last date.
2. Match with Form 26AS
To know which tax regime is suitable one must collect all the sources of income and tax savings made during the year. You may have earned some income during the redemption of mutual funds, sale of real estate or bank deposits. This method will eliminate the possibility of making mistakes while claiming the deduction.
Along with this, with Form 26AS, you must do balance reconciliation between your income and TDS amount. If the information in Form 26AS is incorrect, contact the deductor to rectify it by making corrections in the TDS return so that the correct information is reflected in your form.
3. Select the correct ITR form
Selecting the right ITR form is very important for taxpayers. There are seven types of ITR forms based on different categories of taxpayers. ITR-1, ITR-2, ITR-3 and ITI are applicable for individuals. The taxpayer has to select the form based on his income and category. If the ITR forms are not selected correctly, the taxpayer may need to file the ITR again on receipt of a notice from the Income Tax Department.
4. Get these things done before filing the ITR
While filing the return, it is important to keep in mind to determine your taxable income and if so, assess the tax liability. The outstanding income tax should be paid before filing the income tax return to avoid interest. Apart from this, check all the entered information once before submitting it. If you have missed some information, fill it in. Note that if you have earned income from more than one employer during the year and have failed to report the previous employer’s income to the current employer, your income will not show up in your Form 26AS. So, don’t forget to include income earned from all employers in your income tax return.
Steps to file your ITR
- Login to https://eportal.incometax.gov.in/
- Add your user id and press on continue then add your password and login to your account.
- After logging in, a new page will open up, here click on the option E-file.
- Click on the option file ITR then select your assessment year.
- Now you have to choose the option online and then click on the personal option.
- After this, choose the form from ITR-1 or ITR-4. If you are a salaried person then you need to choose ITR-1.
- After downloading the ITR form, on filing type 139 (1) choose the option original return.
- The selected form will open, now add the correct information.
- Now verify in the online process, and then send the hard copy of your return to the Income Tax Department.