Soumya Prakash Pradhan

As a responsible citizen, it is essential to file your tax returns on time every year.

The deadline for filing this year's returns is July 31, 2024. Failing to file on time can result in penalties. 

During this time, you must be aware of the things you need to watch out for before filing your 2024 income tax. Let's take a look at these things.

Before you start filing, ensure you have all your income statements, deduction proofs, and other necessary documents ready. Keep records of these documents for future reference or in case of tax audits.

Double-check that your personal details like name, address, PAN, and bank account information are accurate to avoid any issues. 

Include all sources of income, such as salary, rental income, and interest from savings or investments. Leaving out any income could lead to penalties.

Claim eligible deductions under sections like 80C and 80D accurately. Incorrect claims might lead to rejection or legal complications. 

Verify that the TDS details in Form 16 match with Form 26AS to avoid discrepancies in tax calculation.

Choose the correct ITR form based on your income sources as the wrong form can invalidate your return. Do not forget to verify your return to ensure its validity. Recheck for any errors before submitting it.

If needed, seek assistance from a tax professional or CA. Do not hesitate to reach out to the Income Tax department for help if necessary. It is better to seek guidance than to risk mistakes in your tax filing.

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