It is advisable to file your ITR right away and not rely on potential extensions. "Timely submission is crucial. Do not rely on potential extensions, as penalties and interest for late filings can add up quickly," says Mayank Biyani, associate, PSL Advocates & Solicitors.
Here's a guide to help you complete your ITR on time.
Gather essential documents
Start by collecting key documents, including PAN card, Aadhaar card, Forms 16, 16A, 16B, 16C, Form 26AS, the Annual Information Statement (AIS), and the Taxpayer Information Summary (TIS). Also, gather proof of investments like life insurance premiums, Public Provident Fund (PPF), and expense receipts like donations.
"Incomplete documentation can lead to major errors by the taxpayer while filing their ITR," says Alay Razvi, partner, Accord Juris.
Select the correct form
Choosing the appropriate ITR form is crucial. Using the wrong form may lead to a defective return and necessitate refiling.
Handling a job switch
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هذه القصة مأخوذة من طبعة July 31, 2024 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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