ITR Filing for FY 2021–22 (AY 2022–23): Form 16, E-Verify ITR Return and Others; 5 Things To Keep in Mind While Filing Income Tax Returns

Mumbai, July 11: It is that time of the year when the Income Tax Department will keep sending alerts to citizens in order to file their income tax returns. According to the IT Department, the last date to file income tax returns for the financial year 2021-22 and assessment year 2022-23 is July 31.

According to the Income Tax Act 1961, it is mandatory for a taxpayer to file an income tax return under various scenarios. Last month, the IT department urged people to be early filers and said, "Check your Form 26AS, AIS, and other relevant documents before submission." ITR Filing for FY 2021–22 (AY 2022–23) Tutorial: How To File Income Tax Returns on incometax.gov.in; Read Step-by-Step Guide.

So, before proceeding to file your Income Tax Returns FY 2021–22 (AY 2022–23), make sure to assemble all the earnings, investment-related documents including Form 16. Follow the below steps and make your IT return filing process simple and error free.

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5 things to keep in mind while filing IT returns:

Although the Income Tax (IT) Department provides eligible taxpayers pre-filled forms in order to make the filing of tax returns hassle-free, one must ensure that all documents are kept handy while filing the return. Taxpayers must also cross-check every field in the pre-filled form while filing income tax returns.

Make it a point to report all sources of income no matter whether you are salaried or self-employed. Reporting all sources of income including salaries, wages, bonuses, PF, investments, etc. would help you avoid any penalties.

When filing or submitting your income tax return, make sure to cross check and compare the tax deducted on Form 16 and Form 26AS. If there are any discrepancies in the TDS amount on Form 16 and Form 26AS then immediately contact your employer and get it corrected.

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Before submitting your income tax returns, make sure to select your tax regime (new or old) based on your needs. It must be noted that the new tax regime calculates tax at a lower slab rate. However, under the new tax regime, the taxpayers are made to forgo various deductions and exemptions that are available under the old regime.

E-verify ITR return: While filing income tax returns is one of the first and foremost steps, one must not forget to e-verify the return. The income tax returns filing is not completed until the taxpayer verifies the ITR.

(The above story first appeared on LatestLY on Jul 11, 2022 02:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).