Description

Income Sources:
Identify and gather information on all your income sources. This may include:

Salary Income: Details from your Form 16 provided by your employer.
Other Income: Rental income, income from investments (interest, dividends), freelance income, etc.
Taxable Components:
Understand which components of your income are taxable. For salary income, it’s generally the gross salary minus exemptions. Other income sources may have specific taxation rules.

Exemptions and Deductions:
Utilize applicable exemptions and deductions to reduce your taxable income. Common deductions include:

Section 80C deductions for investments like PPF, insurance premiums, etc.
Section 80D for health insurance premiums.
Other sections for specific investments and expenses.
Form Selection:
Choose the appropriate ITR form based on your income sources. If you have salary income and income from other sources, ITR-2 or higher forms may be applicable.

TDS and Form 26AS:
Verify the TDS (Tax Deducted at Source) details in your Form 16 for salary income and in Form 16A for other income. Cross-check this information with your Form 26AS.

Filing ITR:
File your ITR online using the selected form. Enter accurate details for both salary and other income sources.

Verification:
Verify your ITR using one of the prescribed methods (Aadhar OTP, EVC, etc.).

Acknowledgment:
Download and keep the ITR-V acknowledgment. If you e-verified, sending a physical copy may not be necessary.

Deadline:
File your ITR before the due date. The deadline is typically July 31 of the assessment year.

Professional Advice:
If you have complex financial situations, consider consulting a tax professional to ensure compliance and optimize your tax liability.

Accurate reporting and adherence to tax regulations are crucial to avoid penalties or issues during assessments. If in doubt, seek professional advice.