ITR 2023-24: Top Tips for Accurate and Error-Free E-Filing of Income Tax Returns

The radical changes brought about by the digital boom in the recent past have made life more convenient and easier. From paying your electricity bill to grocery shopping, from eating out to booking trips, everything can be done with just a click. This era of digital transformation has also revolutionised the filing of income tax returns, making it faster, more convenient and efficient.

Due to these practical advantages, most taxpayers are opting to file their ITR returns electronically. Though it sounds easy, filing your ITR electronically requires constant attention to every detail to ensure a smooth process. Since tax rules, deductions and allowances change every year, one should always consider seeking the help of a tax advisor.

“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.

To e-file your tax return without any mistakes, you need to consider some important points. For example:

Selecting the right ITR form: There are different ITR forms for different taxable persons like employee, self-employed etc., so it is very important to select the right ITR form.

Accurate personal details: Any errors in personal details like PAN number, name, address etc. may result in rejection or delay in your e-filing. Hence, it is paramount to fill the information carefully and double-check all your entries and information.

Correct bank account details: Applicants should double-check all their bank account details to be eligible for the refund to be credited to their bank account.

Transparent income reporting: Contrary to popular belief, you need to report your income from various sources like capital gains, rent and even gifts.

Exemptions and Deductions: While filing your ITR, you should be aware of all the deductions and sections and keep all the supporting documents at hand.

Verification of ITR: After filing your ITR, it is essential to validate your ITR. This can be easily done through Electronic Verification (EVC). You can also send a signed physical copy of your tax return to the CPC, Bangalore.

Other Quick Tips to Easily E-file ITR

• File your tax return on time to avoid late fees and penalties.
• If you use a digital signature, ensure that it is valid and applied correctly.
• Take care to reconcile your income and tax using Form 16, Form 16A and Form 26AS to avoid dunning from the tax authorities.
• Find out about your overseas income and assets, if any, to avoid severe penalties.
• Compare the pre-filled data with the actual document.
• Stay up to date on the latest information and changes to tax laws and the tax return filing process.
• If you have a complex tax situation, consult with an expert.