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
Esta historia es de la edición July 31, 2024 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición July 31, 2024 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
India reports first suspected case of Mpox
India on Sunday reported the first suspected case of Mpox virus in a man who had recently travelled from a country witnessing an outbreak of the disease, the Union health ministry said.
Delhi's EV adoption to hit speed bump
The removal of road tax waiver in the city estimated to make such vehicles about 10% costlier for its residents
CRUDE CALCULATIONS
More cheap oil from Venezuela is coming to Indian shores. How big an opportunity is this?
25 years of the insurance industry: Hits and misses
De-tariffing and portability are two milestones ahead of the Insurance Act amendment that made health insurance independent line of business and raised FDI limits to 49%. The first of a two-part column
Usher in competition between EPF and NPS
Let's begin with my favourite episode from the 1980s British satire series Yes Minister, featuring senior bureaucrat Sir Humphrey and his boss, Cabinet minister Jim Hacker.
Blind bets on IPOs can be risky if market sentiment changes
If the company's quality is sound but valuation is high, wait for a correction
'India a dynamic market with long-term promise'
After the pandemic, investors have become more sophisticated and knowledgeable, leading to a notable increase in capital market participation and risk-taking, says SHIV GUPTA, founder and chief executive officer of Sanctum Wealth, in an email interview with Puneet Wadhwa. Edited excerpts:
BSE hoists the sails for Sensex's 'offshore' voyage
TIDAL SHIFT: IFSCA's July nod opens the route for derivatives on 30-share index, say sources
Wall Street on high alert: Economic hazards ahead
For those on Wall Street clinging to the bull case on the economy, life is getting harder.
A balancing job ahead
As Railway Board chairman, Kumar, the first Dalit to get the office, will have to deal with rising cases of accidents and concerns of people both within and outside the Railways