Tips for hassle-free Income Tax Return filing

Filing income tax returns is important for paying taxes and receiving refunds for any excess taxes paid. It means informing the government about your income and taxes. Paying taxes is a legal duty for members of society, and the tax money collected is used to provide public services. Many people find it challenging to file their income tax returns. Some are unsure about which method to use, while others struggle with calculations. When filing your income tax return, you need to choose how you want to do it: online or offline. If your income is above INR 5 lakhs, you must file online, because it’s easier, faster, and less stressful. It also saves you money and you usually get your refund more quickly. But if your income is below INR 5 lakhs, you can file either offline or online. Online filing because it’s easier, faster, and less stressful. It also saves you money and you usually get your refund more quickly.
Here are some steps to efficiently File Your Income Tax Return (ITR):
1. Keep your records organised and up to date: 
Maintain organised records of your deductions, receipts, cancelled cheques, income, and purchases. This will save you time when filing your return.
2. Identify your sources of income: 
Determine all your sources of income before starting the filing process. Check if you earn solely from salaries or do you have rental income or other sources as well.
3. Prepare necessary documents: 
Certain important documents are required when filing your income tax return. These include Form No. 16 (provided by your employer), Form No. 16A (issued by payers who deducted tax from your payments), account statements showing interest income, property details (if applicable), and any other documents related to financial transactions with tax implications.
4. Ensure accurate deductions: 
Many first-time filers forget to include all the deductions they are eligible for. If you are a freelancer, you can deduct business expenses such as office supplies, home office expenses, business trips, and advertising costs. Additionally, a deduction for tuition fees for children is allowed.
5. Review your return: 
Thoroughly review your income tax return to avoid any errors or discrepancies. Check all numbers and calculations to ensure accuracy, as mistakes can delay your tax refund.
The Income Tax department issues a document called Form 26AS, which is an annual tax statement. It contains important information like the amount of tax deducted from your income, any advanced tax payments you made, and any refunds you received. It’s common for people to make mistakes or provide incorrect information about their income when filing their tax returns. That’s why it’s highly recommended to compare the income you declared in your tax return with the details mentioned in Form 26AS.
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