July 31 ITR Deadline: Income tax return filing tips that can come handy

With only 17 days left till the deadline to file your income tax return (ITR) for the assessment year 2024-25, it’s crucial for taxpayers to act promptly. Avoiding a last-minute rush is essential.

Delays can lead to penalties and unnecessary stress.

Here are essential tips to help you navigate the filing process smoothly:

Gather all necessary documents

Begin by collecting essential documents such as Form 16 (for salary income), Form 16A (for other income), and Form 26AS (for tax credits).

Ensure these documents are accurate and complete to avoid discrepancies during filing.

Verify income and deductions

Review all sources of income including salary, interest, rental income, and any other earnings.

Validate deductions under sections like 80C (for investments), 80D (for health insurance premiums), and 80G (for donations).

Use Form 12BB for details of allowances and deductions claimed.

Check Form 26AS for income tax credits

Verify Form 26AS to ensure TDS deducted by employers, banks, or other deductors matches the tax credits claimed.

Any mismatches should be rectified before filing to avoid penalties or delays in tax refunds.

Utilise online platforms for filing

Opt for e-filing through the Income Tax Department’s official portal or authorised service providers.

E-filing ensures accuracy, faster processing, and facilitates tracking of returns and refunds.

File on time to avoid penalties

The deadline for filing ITR for the assessment year 2024-25 is on July 31.

Late filing attracts penalties under section 234F, ranging from ₹1,000 to ₹10,000, depending on the delay.

Seek expert advice if needed

For complex tax situations or doubts, consult with tax advisors or professionals.

They can provide guidance on maximising deductions, understanding new tax laws, and ensuring compliance with regulations.

Use digital signatures for authentication

Digital signatures provide a secure and convenient way to authenticate ITR filings.

Ensure that your digital signature is registered with the Income Tax Department for seamless submission.

Keep records for future reference

Maintain copies of filed returns, acknowledgement receipts, and supporting documents for at least seven years. These records may be required for audits, assessments, or future references.