The last date to file an income tax return (ITR) is ticking closer, and those who are yet to file one can end up missing out on key details and fumbling in the process due to the last-minute ITR filing pressure. That's why it is always important to ensure that the ITR filing is done way before the July 31 deadline.
As many taxpayers must be preparing to file their ITR, here are the key details to know about it.
5 Key Things To Know About ITR Filing
Form 16
Salaried individuals must ensure to download Form 16. If they don't know from where to get the mandatory document, they must contact their employers. If the total income is more than Rs 5 lakh mandatory to go for e-filing. Opting for the digital process also helps in receiving the refund of taxes faster. Taxpayers can file ITR via various options like by visiting the official tax department website.
Choosing the Right ITR Form
There are seven types of ITR forms, and taxpayers must always select the relevant form to ensure a smooth process and avoid any IT notices. Five of these seven ITR forms are for individual taxpayers. Depending on their income level, source of income, and certain other rules, they have to choose a form wisely.
Common ITR Related Errors
Once you have opted for the right ITR form, now it is time to ensure that you don't make common errors while filing ITR forms. Taxpayers must ensure to choose the right assessment year and provide correct bank details. Failure to do so can delay the process in the tax refund.
Failure To Disclose Some Income
There are high chances that people may fail to disclose all of their income while filing the ITR. Those who rely on Form 16 for income disclosure are more susceptible to disclosure of specific income related to investment, capital gains, fixed or saving deposits, etc.
Post ITR Filing Verification Process
Make sure to complete verification process within 30 days after filing ITR. The process can't be considered complete unless the taxpayers finish the verification process. Taxpayers can complete the verification process online as well as offline.
Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.
More Articles
- NRI Tax Rules & ITR Filing 2026: What You Must Know Before July 31
- ITR Filing 2026: Don't File Your Tax Return Before Receiving Form 16A; Here's Why
- ITR Filing Alert: What to Do If You Have Form 16 From Multiple Employers; Check This Before Filling Your ITR
- Income Tax Return Alert: Earning But Not Taxable? Here's Why You Should Still File ITR Form
- ITR Filing Season Begins! When Will You Receive Form 16? Here’s What We Know So Far About Timeline
- ITR Filing AY 2026-27: Check Last Date, Late Fee, Refund Rules & Which Form You Should Choose