Know which things are important to keep in mind while filing income ITR

The annual financial statement i.e. budget for the year 2022- 23 has arrived. Finance Minister Nirmala Sitharaman has not made any changes in the tax slabs. At the same time, the tax has not been increased for the purpose of giving relief to the common citizens. While filing ITR, it is very important to take care of some small things so that in future you do not face any kind of trouble. Today we are giving you information about some such things.

  1. Interest earned on fixed deposits is taxable, so it is necessary to show it in ITR.
  2. Interest earned on savings account is required to be shown in ITR as earnings.
  3. E-verification is required to be done within 120 days of filing ITR. Do this within time.
  4. While filing income tax return, keep in mind on Assessment Year and Financial Year.
  5. Never file ITR using public WiFi. It can invite big problem for you in future.
  6. Don’t forget to claim the deduction while filing Income Tax Return.
  7. Financial help that received by the government under Covid-19 issue is kept out of tax.Therefore, do not show in the exempt list while filing ITR.
  8. The most important thing comes while filing ITR. Selecting the form. Every year the Income Tax Department issues the Revised ITR Form separately. The income of each ITR form is based on different sources and if there is a different form for the year, then make sure to choose the right form.

Be Carefull While Filling Income Tax Returns about bank details name of the Account Holder and IFSC Code of bank and other details also should be filled properly it never be incorrect or incomplete. If it would be then Bank may create problem while issuing refund. Also, fill the contact details correctly like your name,mobile no., E mail etc.

Keeping these small things in mind, if you file RTI for income tax, then you can avoid facing many problems.

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