ITR Filing Deadline Ending In 5 Days: Do’s & Don’ts, How To File ITR Online 2023

As the deadline for filing Income Tax Returns (ITRs) approaches, individuals across the country are gearing up to complete this essential financial task. The annual ritual of ITR filing carries significant importance, as it ensures compliance with tax laws and plays a crucial role in assessing one's financial standing and potential tax liabilities. 

In this guide, we will explore a detailed list of do’s and don’ts to help you navigate the ITR filing process smoothly, and ensure you meet the deadline with confidence.

Why Is Timely ITR Filing Important?

Filing ITRs within the prescribed time frame keeps important for taxpayers. Not only does it avoid late filing penalties and interest charges, but it also provides enough opportunity to rectify any errors or discrepancies that may arise during the process. 

Moreover, timely ITR filing demonstrates responsible financial management and compliance with the taxation framework, which can positively impact future financial endeavors and creditworthiness.

5 Days Left: The Countdown Begins

With just five days remaining until the ITR filing deadline, it is crucial to prioritize this task and gather all necessary documents and information promptly. Procrastination can lead to unnecessary stress and potentially missing the deadline, which could result in financial repercussions.

The Do’s of ITR Filing

1. Collect All Relevant Documents: To ensure a seamless ITR filing process, collect all essential documents, including Form 16, salary certificates, bank statements, investment proofs, and any other relevant financial records.

2. Choose the Correct ITR Form: Selecting the appropriate ITR form based on your income sources and financial activities is essential for accurate filing. Consulting a tax professional or using online tools can aid in identifying the correct form

3. Declare All Sources of Income: Accurately declare all sources of income, including salary, rental income, capital gains, and other earnings, to avoid any discrepancies with tax authorities.

4. Utilize Deductions and Exemptions: Optimize your tax-saving potential by taking advantage of eligible deductions and exemptions under various sections of the Income Tax Act.

5. Verify and Review: Thoroughly review all the details before submitting your ITR. Cross-checking and verifying the information can prevent errors and discrepancies that may attract scrutiny from tax authorities.

6. E-File Your ITR: Embrace the convenience and speed of e-filing your ITR. Online filing not only reduces paperwork but also ensures faster processing and confirmation.

7. Keep Acknowledgment Handy: After filing your ITR, make sure to keep the acknowledgment receipt safely. This acknowledgment serves as proof of timely filing and may be required for future references.

The Don’ts of ITR Filing

1. Miss the Deadline: Failing to file your ITR within the due date can result in penalties and interest charges, leading to unnecessary financial burdens.

2. Overlook Form Selection: Selecting the wrong ITR form may lead to inaccuracies and potential issues with your tax filing.

3. Ignore Income from All Sources: Avoid omitting any sources of income from your ITR, as this may attract tax notices and scrutiny.

4. Neglect Tax-Saving Opportunities: Failure to utilize eligible deductions and exemptions can result in higher tax liabilities and missed opportunities for savings.

5. Rush Through Filing: Hasty filing can lead to errors and inaccuracies, potentially inviting further scrutiny from tax authorities.

6. Engage in Tax Evasion: Intentionally evading taxes or providing false information in your ITR is illegal and may result in severe penalties and legal consequences.

Following are the steps to e-file your Income Tax Returns

1.  The first step is to visit the official website of the income tax department and be redirected to the login page. Fill in relevant your ID & password then click “continue”.

2.  After login to the account, click on the tab “e-File” and choose Income tax Returns there and click on “File Income Tax Return”.

3.  Then On the next page, you need to select the relevant Assessment Year and click on Continue.

4.  After this, you need to select the method to file your returns whether online or offline. Make sure you choose for online (Which is also recommended) way to file income tax returns.

6.  You need to select whether you want to file your income tax returns as an individual, Hindu Undivided Family (HUF), or others. Select “Individual”.

7.  After that, choose the applicable income tax returns form to file. For instance, Individuals and HUFs (Hindu Undivided Family) can file ITR (who don't have income from business or profession). Similarly, in case of an individual, they can choose the option ITR-1 or ITR-4. Here you will have to press on the tab 'Proceed with ITR1'.

8.  The next step, you need to answer some of the questions related to the reason for filing your returns above the basic exempted limit or because of the seventh provision under Section 139(1). According to the section, the person can file their income tax returns if the aggregate amount of an individual is more than Rs.1 crore in one or more current accounts during the same year, exceeds Rs.2 lakh on a foreign trip, or if payment of more than Rs.1 lakh is paid on electricity bills. 

9.  On the next page, you need to fill in your bank account. (pre-validate it) If you have already provided the details of your bank account.

10.  Then you will be on a new page to file your ITR. This current page will include much information filled (Pre-filed). Make sure all the details mentioned are correct & relevant. Validate the summary of your returns. The last step is to verify your returns and send a hard copy to the Income Tax Department. 

Also Read: Is There Any Possibility of ITR Due Date Extension For AY 2023-24? Everything You Must Know…

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