Last-Minute Checklist for Filing ITR Before July 31

Introduction

The filing deadline in India for Income Tax Returns (ITR) is July 31. Hence, this is your last chance if you have not filed yet! You may get late fees and penalties, or undergo unnecessary stress due to missing the date. In order to smoothen your last-minute filing, here is a simple checklist of things you shouldn't forget to do.

1. Ensure You Obtain All Necessary Documents

Before you dash off to file your returns, try to keep the following ready:

- PAN Card and Aadhaar Card

- Form 16 from your employer

- Form 26AS and AIS

- Bank account details and passbook

- Investment proof (LIC, PPF, ELSS, so on)

- Home loan or education loan interest certificate

- Rent receipts (for HRA claim)

2. Check the Income Sources

Income sources are often missed by taxpayers. Ensure that secondary income sources get audited:

- Salary slips

- Interest earned from saving, FD, RD, etc.

- Dividends or capital gain from stocks or mutual funds

- Income from freelance or side business 

3. Check TDS and Advance Tax Amount Paid. 

Check for the match of TDS (Tax Deducted at Source) entries that appear in Form 26AS and AIS and those that exist in your books of accounts. If they are different, get them rectified before filing.

4. Deductions and Exemptions: 

Do not forget to claim any that apply and make your life easier:

- Section 80C (Investments like PPF, ELSS, LIC, etc.).

- Section 80 D (Medical insurance premiums)

- Section 24(b) (Interest on home loans)

- Section 80E (Education loan)

- Section 80G (Donations)

5. Select the Right ITR Form

By choosing the wrong form, one may have his return rejected. For example:

- ITR-1 or Sahaj: For salaried individuals with income of up to ?50 lakh

- ITR-2: For individuals with capital gains or more than one property

- ITR-3: For business or professional income

6. Link Aadhaar with PAN

If the process of linking Aadhaar with PAN is not done, the IT return shall not be processed. So ensure this linking is done before filing.

7. Pre-fill and Cross-check Details

The income tax portal provides a pre-filled form. But do not just blindly submit it. Rather, ensure the accuracy of the salary details, interest, and TDS credits on your form.

8. To Avoid Penalties File ITR Before the Deadline

Late filing may lead to a penalty of Rs.5000 under section 234F. You save yourself from penalties with timely filing.

9. Verification of ITR After Filing

Make sure after filing to e-verify your ITR via Aadhaar OTP, net banking, or a validated bank account; unless you verify returns are invalid.

Conclusion

The ITR filing process is to be made easier and not stressful before 31st July provided the availability of correct documents for deductions and submission in time. The process can be done in a smooth way and without any penalties. So take a deep breath and go for this without any tension.