The ITR filing deadline is July 31, 2023. Finish this crucial task as quickly as you can. To file ITRs on time, the Income Tax Department also tweeted. Those taxpayers who have paid more tax than their financial obligation are furthermore eligible for a refund.
Experts disagree with the common belief that tax savings are limited to the amount indicated on Form 16. There are other possible sources of savings than Form 16. Before filing a return, make sure that the tax deducted at source is represented on the 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS) so that TDS can be claimed against tax liabilities, if necessary.
Here are 5 simple methods to get the most return.
1. Submit ITR on time
To avoid penalties, it’s crucial to file your return by the deadline. It is also the quickest option to receive the biggest reimbursement at the same time. The return form must be submitted by the deadline specified in section 139(1) of the IT Act by the taxpayer.
2. Select the appropriate tax system
When submitting their ITR, taxpayers select the tax regime that best matches their requirements. The new tax system may be applicable if you do not have significant long-term investments like PPF, insurance policies, equity-linked savings plans, or qualifying tax deductions like interest on home loans or health insurance.
3. Obtain e-return verification
After filing an ITR, the tax return must be confirmed within 30 days. The ITR will need to be submitted again if this is not done since it will be deemed invalid. An OTP delivered to an Aadhaar-linked cellphone number, an EVC through net banking, a bank account, or an EVC from a bank ATM can all be used to electronically verify tax returns.
4. Using Exemptions and Deductions
Taxpayers should be aware of the exemptions and deductions they are eligible to claim. This sum raises the refund while lowering the taxable income. Standard deductions are allowed for PPF, NSC, NPS, life, and health insurance premiums, as well as mortgage interest. One shouldn’t consider the deductions listed exclusively on Form 16 when filing taxes. He may have incurred a number of tax-saving charges that aren’t listed on Form 16, such as childcare costs, etc.
5. Account verification prior to return filing
It is crucial to confirm your bank account and make sure the Income Tax Return Portal has appropriately confirmed it. Since the government only credits refunds to legitimate accounts on the e-filing system, the verification step is essential.
Read more: This new rule will be applicable to HDFC, SBI & ICICI from September 1 for the benefit of customers
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