ITR Filing for FY 2022-23: Five essential steps to remember while filing income tax returns

financialexpress.com:

Filing income tax returns is a significant annual responsibility for individuals in India. To ensure a seamless and accurate filing process, it is crucial to understand the essential steps involved. In this comprehensive guide, we will walk you through the five essential steps that every Indian taxpayer must remember while filing their income tax returns.

One of the primary steps in filing income tax returns is to declare all income shown in Form 26AS/AIS. Form 26AS is a consolidated statement issued by the Income Tax Department, which reflects tax deducted at source (TDS), advance tax paid, and any other taxes deposited against your PAN. It is important to meticulously review this form and ensure that all income mentioned in it is accurately declared in your tax returns. By doing so, you can avoid any potential discrepancies or scrutiny from tax authorities.

To minimize your tax liability, it is vital to claim all TDS (Tax Deducted at Source) credits. TDS is the amount deducted by the payer while making certain payments, such as salary, interest, rent, or professional fees. It is imperative to carefully review Form 16/16A (issued by the deductor) and ensure that the TDS details mentioned therein are accurately reflected in your income tax return. Failing to claim TDS credits can lead to unnecessary tax payments and complications during the assessment process.

Also Read: ITR Filing for AY 2023-24: Top things to keep in mind while filing income tax return by individual taxpayers

Accurate disclosure of all sources of income is a crucial step in filing your tax returns. Income from various sources, such as salary, house property, capital gains, business or profession, and other sources like interest, dividends, or gifts,