ITR Filing for AY 2023-24: Top things to keep in mind while filing income tax return by individual taxpayers
By Parizad Sirwalla
July 31 is the tax filing deadline for personal tax returns for Financial Year (FY) 2022-23 (AY 2023-24) and it is just a few days away. Every individual whose gross total income exceeds INR 2,50,000 in a given FY is obliged to file the tax return. There may be other conditions as well (e.g., having foreign assets for resident and ordinary residents etc.) where return filing may be mandatory irrespective of quantum of income.
The return preparation and filing process has been simplified and made tech-enabled over the years. Today, it can be done online through the income-tax portal if you have the requisite information and relevant documents handy. However, at times while preparing and filing the return, errors may happen which may lead to questioning post processing of the income-tax returns by the tax department.
A quick understanding of some of the key aspects (not an exhaustive list) that one should be mindful of will go a long way in making the income-tax return filing process easier:
* Choosing the correct return form – Selection of the correct return form is the first and foremost important thing to do while filing the tax return. The form type depends on numerous factors such as residential status, quantum, and sources of income during the year etc. Therefore, it is imperative that one goes through the detailed instructions for each form type to determine the form applicable to the individual for the relevant FY. The common myth that prevails is that ITR-1 is generally applicable which may not be the case always. As an example, if you even have very nominal capital gains income, you will not be able to file ITR-1.
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