ITR 2023-24: Worried of mistakes while e-filing income tax returns? Consider these tips for error-free filing

With the quintessential changes being brought by the digital boom these days, life has become comfortable and eased with convenience. Everything can be done with a single click, from utility bills to groceries, from dining to travel bookings. This era of digital transformation has also revolutionised income tax return filing making it quicker, more convenient and efficient.

Following these commodious benefits, the majority of taxpayers choose to electronically file their ITR returns. However, as easy as it sounds, one should always pay attention to every minute detail while e-filing ITR for a hassle-free experience. With the tax regimes, deductions and benefits changing every year, one must always consider seeking help from a tax professional.

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“Filing an income tax return is not a cakewalk for everyone. For many people not familiar with the taxation policy and schemes, it is a very complex and tedious process and that’s why they seek assistance from professionals to file their income tax return” says Vikas Dahiya, Director of All India ITR.

It is crucial to consider some key points for error-free e-filing of tax returns such as:

Select the correct ITR form: With different ITR forms for varied taxable persons like salaried, self-employed and so on, it is of significant importance to select the right ITR form.

Accurate personal information: Any error in personal details like PAN number, Name and address can lead to rejection or delay in E-filing. Therefore, it is of vital importance to fill in the details mindfully and double-check all the entries and details.

Correct bank account details: The applicant should re-check all the bank details to be eligible for any refunds that may be directed to his/her bank account.

Transparent income reporting: Contrary to normal thinking, one must declare their income across various sources which include capital gains, rent and even gifts.

Exemptions and deductions: It is necessary to be aware of all the deductions, and sections and to keep all supporting documents handy while filing ITR.

Verification of ITR: After filing the ITR, make sure to verify it. This can be easily done via electronic verification (EVC) or you can send a signed physical copy of your return to the CPC, Bengaluru.

Some more quick tips for easy e-filing of ITR

• To avoid late fees and penalties, file the return before the deadline.
• While using a digital signature, ensure it is valid and correctly applied.
• To avoid notices from the Tax Department, ensure reconciliation of income and tax with Form 16, Form 16A and Form 26AS.
• Inform about your foreign income and assets (if any) to avoid severe penalties.
• Cross-check the pre-filled data with your actual records.
• Stay informed about updates and changes in the tax laws or return filing procedure.
• Consult a professional if you have complex tax situations.