Filed ITR for AY 2022-23? Top 5 things to keep in mind while filing income tax returns

New Delhi: The deadline for filing income tax returns for the fiscal year 2021-22 and 2022-23 is quickly approaching.

So, if you haven't filed your IT taxes for FY 21-22 yet, make sure you do so by July 31, as that is the deadline. Additionally, before submitting your ITR, you should gather any earnings and investment-related papers.

Top 5 things to keep in mind:

• Though the Income Tax Department provides pre-filled forms to make filing tax returns easier, you should maintain all relevant papers on hand and cross-check every field in the pre-filled form.
• Make certain that you report all sources of income. This will assist you in avoiding any penalties.
• When submitting your income tax return, compare the tax deducted on Forms 16 and 26AS.
• If the TDS amount on Forms 16 and 26AS is not the same, contact the employer and have it corrected.
• Form 16: It is a document produced by your employer that details your salary for the year as well as the TDS deducted.
• Form 26AS: It is a statement of taxes deducted on your behalf and taxes paid on your behalf over the course of a fiscal year.
• Before filing the return, select your tax regime (new or old) based on your needs.

The new regime calculates tax at a lower slab rate, but the taxpayer is forced to forego several deductions and exemptions that were previously accessible.