Know the source of income
Understanding whether your income comes from salary, trading profits, rental income, gains from business and profession, etc., is a crucial part of the process.
Choose a suitable regime
Carefully decide whether to go for the new or the old tax regime with its tax exemptions and deductions according to your income slab!
Keep documents ready
Keep all the important documents like PAN, Aadhaar card, Form-16, salary slip, TDS certificate, Form 26AS, investment proof, and home loan statement ready to file your ITR on time.
Choose the correct ITR form
The Income-Tax Department has notified 7 ITR forms: ITR1 to ITR 7 to date. It is important to choose the correct form according to the source of your income!
File before the deadline
The deadline for filing income tax for any AY is July 31. If you miss the date, you can still file a belated return on or before December 31, though a late fee will be levied.