Last-Minute ITR Filing Checklist For 2024 - All You Need To Know

Last-minute hustle

Time is of the essence, when it comes to filing your Income Tax Return (ITR). If you find yourself in the last-minute hustle, fret not; theres still ample time to get it done efficiently.

More than just avoiding penalties

Filing your ITR before the deadline is not just about avoiding penalties, but its also an opportunity to capitalise on benefits like carrying forward losses and earning interest on refunds.

Gather Essential Documents

Before you begin the filing process, ensure all necessary documents are at your fingertips. For employed individuals, the indispensable Form 16 is crucial. Also, keep Form 26AS handy, as it details taxes deducted from your salary and interest income throughout the year.

Match TDS Certificates with Form 26AS

Cross-verify TDS certificates with Form 26AS to ensure accurate reflection of all deducted taxes. Its essential to note that only the TDS credits present in Form 26AS will be considered during the filing process.

Include All Income Sources

Dont overlook any income source. Note down interest income from savings accounts, fixed deposits, and other investments. Verify interest amounts through your banks passbook or statements and remember to add this to your overall income.

Calculate Total Income and Tax Liability

Once armed with all necessary documents, calculate your total income and the associated tax liability. Optimise your taxable income by claiming eligible deductions and exemptions like HRA, LTA, and Section 80C.

Choose the Appropriate ITR Form

Select the correct ITR form based on your diverse income sources. Take advantage of the pre-filled ITR forms now available on the income tax departments website for a smoother filing experience.

Report Exempted Incomes

Apart from taxable income, ensure you report incomes exempt from tax, such as PPF interest, dividends, and interest from tax-free bonds.

Verify Your ITR

After filing, its crucial to verify your ITR within 120 days. Various methods, including Aadhaar OTP and Net banking, can be utilised for seamless verification.

Pre-Validate Your Bank Account

In case a refund is due, pre-validate your bank account linked with your PAN on the e-filing website to receive e-refunds without any hassle.

Revise if Needed

Remember, mistakes happen. If you realise an error in your filed ITR, dont panic. The system allows for filing a revised ITR to rectify any inaccuracies.