FY 2024-25 Today is the last day to file income tax returns without any penalty. From tomorrow you will be able to file your ITR, but you will have to miss out on many benefits, such as not getting the option of the old tax system and paying penalty according to income. According to official figures, about 6 crore ITRs have been filed so far and about 70% of them have opted for the new tax system. But if you have not filed your ITR yet and are going to do it now, then keep some things in mind. If you do not do this, the chances of making a mistake will increase. We are giving you tips to avoid mistakes.
1. Don’t forget to report your income from other sources: Generally, we only take into account our salary, income from business/profession and capital gains (if any) while calculating our tax liability. However, there is an important section that we forget. That is, income from other sources. This includes interest income from your savings account, fixed deposits, recurring deposits and bonds.
2. Income from other sources also includes any dividend income received throughout the year by way of stocks, mutual funds and any monetary gifts of the value of more than Rs 50,000 received from friends, acquaintances or anyone other than your relatives. Don’t forget to account for these as well.
3. If your total annual income exceeds Rs 50,00,000, you must declare full details of your assets, both movable and immovable, under Schedule AL. This should also include any liabilities you have incurred on these assets.
4. If you are an NRI, or an Indian holding foreign assets, you must share details of all your foreign income, assets, accounts and shares under Schedule FA with your ITR. This is necessary regardless of whether your income is taxable in India or not.
5. If you are filing your ITR as per your AIS (Annual Information Statement) and notice incorrect entries, don’t ignore them. File your ITR as per Form 26AS, which is a shortened version of the AIS, and Form 16A and B, provided by your employer (both previous and current). But remember to go back to the AIS and mark the errors, otherwise the Income Tax Department may penalize you for deliberate misreporting of your income.
6. Do not forget to e-verify your ITR within 30 days of filing the return. If you do not do so, your ITR filing will be considered invalid.
Latest Business News