Filing of Income Tax Return is necessary to be filed by every income-earning person.
If you are an individual income taxpayer then, this is an important article for you to learn about some points that you must keep in mind before filing your Income Tax Return. Let us discuss each one of them one by one.
Points you must keep in mind
- The most important thing to be remembered and not to forget in any case is the last date of filing the Income Tax Return. 31st July, 2022.
- Next important thing, to be considered of is to file Form 26AS which is issued by the Income Tax Department. It is a form containing information about the person’s age, income, TDS, advance tax paid, self-assessment tax paid etc.
- Furthermore, keep the banking transaction in order as it is required to be mentioned under your Income Tax Return. If you have a Fixed Deposit (FD) whose limit is above Rs. 10 Lakh then, the detail of the FD shall also be stated in your ITR.
NOTE:- It is necessary for every individual to give appropriate and true details related to banking transactions. As, if this information is filed wrongly, then the individuals may be troubled in getting refund in the bank account.
- And lastly, one must note that filing of ITR is a very important compliance that is required by the Income Tax Department. Therefore, not displaying or hiding property details may lead to problems in the future. SO, it is advised not to hide property-related details while filing your Income Tax Returns.
