ITR filing Checklist: 6 things that can get you an income tax notice, check them immediately by StuffsEarth

Estimated read time 13 min read

ITR filing checklist: Everyone understands how important it is to file income tax (ITR Filing). Form-16 of all the employed people has arrived and now they can file their ITR. The last date to file ITR is 31 July 2024. If you are also a salaried person, then you need to check some forms before filing income tax return. Along with this, some other important information will also have to be checked. Let us know which 6 things you should check (ITR Filing Checklist) before filing income tax return.

1- First of all Form-16

To file ITR, a salaried person first needs Form-16. You will get it from your company, which contains all the information about the tax levied on your salary. Let us tell you that many companies issue Form-16 in the second-third week of June. However, if you have hidden any information from your employer i.e. your company, then it will not be in Form-16. Keep in mind, if you have Form-16, which contains complete information about the tax levied on your salary, then filing ITR becomes a matter of a few minutes for you.

2- Check TDS-TCS in 26AS form

Before filing income tax return, you must check 26AS form once. Check once whether the information about tax imposed on you in Form-16 is correct or not. If there is any mistake, get it corrected in time. Keep in mind that if any information is wrong and you get it corrected, it may take up to 7-10 days.

3- Check income and TDS-TCS in AIS form

After checking Form 26AS, you should also check AIS i.e. Annual Information Statement form. This will let you know what transactions you have done in the whole year. If you have earned from other sources other than salary i.e. rent or interest etc., then its information will also be available in AIS form. Along with this, you will also know what you have sold i.e. what you have earned money from. It is important to check that no transaction is missed. If something is missed, then get it corrected in time.

4- Check capital gains statement

This form needs to be checked only by those who have made capital gains. If you have invested in any stock or mutual fund, then it is important for you to check this form. If you have a capital gain of more than Rs 1 lakh, then you will have to pay 10 percent tax on it. On the other hand, if you have a short term capital gain, then you will have to pay 15 percent tax on it. The calculation of this tax is done by the brokerage firm itself and sent to the customers. If you have not received this form, then you can talk to your brokerage firm.

5- Check the interest earned

There are many taxpayers who do not report their income from other sources. The most common income is the income from interest. If you have made an FD or have earned interest from your savings account, then it is important to show it in your income. You will get this information in the AIS form as well, because it has a record of every transaction related to your PAN card. Remember, if you show wrong income, then you may get a notice from the Income Tax Department.

6- Also tell about foreign assets and income

There are many people who have property even abroad. If you also have property abroad and you earn from it, then you will have to tell about it while filing income tax return. If you have kept money in a foreign bank account, then you will have to tell about it while filing income tax return.

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