ITR filing: Things to remember before filing your income tax return

With 31 July set as the due date for filing the ITR for FY 2022-23 (AY 2023-24) without a late fee, taxpayers have been prepared well in advance by repeated announcements for a smooth process. However, it is imperative to discuss the key points addressing the needs of various professionals to file the ITR. Check out the points listed below.

For salaried people

Employers must furnish Form No.16 by 15 June, which contains information about salaries and taxes deducted. It is likely that most salaried taxpayers have already received their Form 16. For those who have not received it, they should follow up with their employer.

After receiving Form 16, carefully scrutinise the details to ensure that all exempt allowances are properly listed. These allowances include House Rent Allowance (HRA) and Leave Travel Assistance (LTA). In addition, you should also confirm that the various deductions available under Chapter VIA for investment and expenditure items have been taken into account by your employer when calculating your taxable salary and that the supporting documents have been submitted. The deductions range from life insurance premiums to health insurance premiums to student loans and interest on education loans.

For business people or professionals

First, one must qualify for a presumptive taxation scheme based on gross receipts. Accounts should be audited if turnover exceeds the threshold, and audit preparations should be uploaded to the tax department’s website. A reconciliation of invoices and payments with TDS should be prepared if your receipts/income are subject to tax deduction at source.

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Ensure that the amount of TDS as per your books of accounts is reflected in your form 26AS and Annual Information Statement (AIS) by downloading them from the income tax website. Consult your client/customer if there is a discrepancy between the two sets of records.

For shareholders and mutual fund investors

Investors in mutual funds should receive a detailed statement of transactions during the year. Transactions under a Systematic Transfer Plan (STP) or from the same fund house may not appear in your bank account and may thus go unreported. For shareholders investing through brokers, please get a detailed statement of all transactions.

Ensure that all transactions appearing on the statement are properly accounted for. Your bank statement may not reflect intraday transactions where shares were bought against shares that were sold on the same day.

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Regarding interest income

For those who earn interest on fixed deposits with banks, interest certificates should be obtained for the entire year. While filing the ITR, all interest income, including accrued interest, must be included. Ensure that your income includes the interest accrued on cumulative deposits. If you use the cash basis of accounting, include in your income the interest on fixed deposits that mature during the year, even if they are renewed.

Transaction verification with form 26AS and AIS

For tax purposes, latest Forms 26AS and AIS should be downloaded for verification and proper display of interest and full tax credit for TDS be checked.

AIS keeps track of various financial transactions throughout the year. Make sure your ITR accounts for all income from those transactions. Read all the Latest News, Trending News, Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.