ITR filing: Check last date, other key points to keep in mind
The due date for the filing of Income Tax Return (ITR) is inching closer. The deadline for ITR filing for the financial year (FY) 2021-22 and assessment year (AY) 2022-23 is July 31, unless the government extends it further.
One of the critical points to keep in mind is choosing the right ITR form. If you file an incorrect form, the income tax department may consider your return defective and ask you to rectify and fill the revised form. The ITR forms are broadly classified into 6 categories and are chosen on the basis of the nature of income and category of taxpayer, such as whether the taxpayer is an individual or a company.
Bank account validation can cause delays too, hence it is important to ensure that PAN and Aadhaar are linked. Linking of PAN and Aadhaar helps in the bank validation for faster refunds and in e-verification for quick processing.
Taxpayers who have not submitted proof of their tax-saving investments for the previous financial year will have to declare and submit the same directly to the I-T Department for claiming tax deductions. It can include life insurance (LIC) premium paid, medical insurance, public provident fund (PPF), 5-year FD receipts, mutual funds investment (ELSS), ULIPs, NSC, etc.
Additionally, the taxpayer must have Form 16 ready while filing for ITR. It is a certificate that shows the tax deducted at source (TDS) and also carries the details of the salary paid to the employee during the previous financial year.
The Income Tax Department has urged taxpayers and issued them reminders through various platforms such as SMS, emails, social media, etc, to file their ITR at the earliest and not wait for the deadline. As the last-minute rush often leads to incorrect filing, and heavy load on the I-T website’s server, it is advised to file ITR ahead of the due date.