It is very important to file Income Tax Return and most of the time taxpayers try to submit their ITR in hurry, but before that take a minute and look into these dos and don’ts list that you must keep in mind before you submit your Income Tax Return, as this will make the processing of your ITR fast by the Income Tax Department.
- Make sure you choose the right ITR Form
Which ITR for you file plays an important role in the validation of your Income Tax Return. You may receive a tax notice in case you file the wrong Income Tax Return. Check which ITR Form is applicable for you and file the same, before you submit your ITR.
- Verification of Calculations
Once you choose the correct Income Tax Return Form you are required to check the tax calculation. You must check whether all the information that you have filed are correct or not. You are supposed to check each and every calculation before you submit your Income Tax Return.
- Your Documents must be organised.
Keep all the required documents like your PAN Card, Aadhaar Card, Bank Details and Form 16 (Salaried Individuals) handy while filing your Income Tax Return and cross-check the details that you have mentioned with the documents.
- Discard the confusion between FY and AY
Many taxpayers make a common mistake by getting confused between Financial Year and Assessment Year. This can result in complications in your return and alter your tax liability. Make sure you choose the correct Financial Year and Assessment Year before you submit your Income Tax Return.
- Don’t forget to claim deduction
In case you have made some investments for a particular financial year then you must not forget to mention it while filing Income Tax Return. You can claim deduction upto certain extent and lower your tax liability.
- File your ITR as soon as possible
File Your Income Tax Return as soon as you can, you may face a lot trouble if you wait till last minute to file your Income Tax Return. So, filing ITR at last minute is a big no, no.