ITR Filing Process: If you keep these four points in mind, you will be able to fill ITR by yourself, no one will need help.

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Last date for filing Income Tax Return (ITR) is near. Income tax department is constantly asking people to file ITR before the deadline. Last date for filing ITR is 31 July 2023. If the government does not extend the deadline, you may have to pay a penalty. So file your income tax return as soon as possible.

Income tax department has simplified the process of filing ITR. If you have all the documents related to it available, it will take you few minutes to file ITR. You can easily file your ITR by keeping in mind total 4 points.

Tax regime has to be selected

Keep in mind while filing ITR that new tax regime is kept as default this time. If you want to file ITR under old tax regime, you have to convert it yourself. The new tax regime has very limited options for availing tax exemptions. However, income up to Rs 7 lakh is effectively exempted from tax. The tax exemption limit has not been increased in the old tax system.

Obtain Form 16 or 16A

Employed people who are salaried. Such persons should first obtain Form 16 or 16A from their institution. It will contain all the information related to your salary. Like Basic Salary, HRA and other allowances. Tax exemptions are also available on many of these.

Details of TDS in 26AS

If you are going to file income tax return, check your documents carefully. One such document is Form 26AS. It consists of a consolidated tax statement. It contains complete information about the tax deducted from the income of taxpayers. You will find information like Tax Deduction at Source (TDS), Tax Collection at Source (TCS), Regular Tax, Refund in this. However, sometimes the information provided in Form 26AS is also incorrect. So amend it immediately

Capital Gain Statement

If you have invested in stocks and mutual funds then you should get capital gain statement from broker and mutual funds. If you have sold any property and invested somewhere to save tax then you have to provide this information.

Income and TDS in AIS

Once you take Annual Information Statement after checking TDS, TCS in your 26AS. It contains details of all savings accounts. For this reason you will know whether ITR needs to be filed according to the amount deposited in the savings account.