The deadline for ITR for the assessment year 2023-24 is here, with over 6.13 crore income tax returns already filed so far. Out of these, about 3.36 crore ITRs have been processed so far. Those who have not filed their ITR so far are advised to do it right away before the deadline ends today, July 31. Here are the last-minute tips for those who have not filed their ITRs as well as for those who have already filed their income tax returns.
Verify ITR As Soon As Possible
While filing ITR, taxpayers get around 30 days to verify their income tax returns. Those who have already filed their ITRs but have not verified must do so as soon as possible, failing which will make their ITR unsuccessful. Those who are filing their ITR today must do it during the process. ITRs can ve e-verified here.
Out of over 6.13 crore ITRs filed so far, about 5.23 crore income tax returns have been verified.
Mention All Your Income Sources
Those who have filed their ITRs or are filing it must ensure that they have mentioned all their income sources, including interest income, capital gains, business income, house property income, etc. If you have missed any of these during your ITR, you can revise it today.
Your ITR Form Is Correct
There are seven ITR forms. You have to choose the ITR based on your income sources. If you income source is your salary only, you must choose ITR-1. If your income source also includes capital gains through shares, house property, etc, you must choose ITR-2. Make sure your ITR form is correct. If not, you can revise the ITR immediately today.
Make Sure Your Refund Claim Is Genuine
The income tax department sends notices to those claiming fake refunds. It also imposes a penalty. Recently, people got income tax notices where the I-T department asked for proof of tax exemptions and deductions claimed in their ITRs. Taxpayers may claim tax exemption on house rent allowance (HRA), leave travel allowance (LTA), deduction on interest paid on housing loans, etc.
Your Bank Account Details Are Correct
If you have already filed your ITR but have not received the income tax refund yet, chances are that your bank details might be incorrect. It is necessary that your bank account is pre-validated. Also, your bank details must be the same as mentioned on your PAN card. Any discrepancy may stop your income tax refund.
You must check your income tax status to ensure that there is no issue with your bank account. In case of any mismatch in your bank and PAN details, it may show ‘Restricted Refund’ or ‘Not Eligible To Receive Refund’ under your bank account on the income tax portal.
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