ITR filing: Things to consider before filing Income Tax Return for AY 2023-24

Essential guidelines for filing income tax return; important aspects to consider.

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Income tax return: Commencement of the month of June heralds the initiation of the income tax return filing season in our nation. Filing an income tax return is a technical endeavor that demands utmost caution, as even a minor slip-up can lead to grave consequences. The Income Tax Department possesses the authority to dispatch an income tax return notice. If you are a working individual planning to file your income tax return for the financial year 2022-23 and assessment year 2023-24, we bring to your attention a number of vital aspects that warrant your attention. By adhering to these guidelines, you can effortlessly file your income tax return and avoid any complications that may arise subsequently.

Prior to filing your income tax return, make sure to arrange the following essentials:

If you are filing an income tax return for the first time, it is imperative to keep your PAN card, Aadhaar card, and mobile number readily available. Subsequently, visit the official website of the Income Tax Department, which can be accessed at Individuals filing an income tax return for the first time must first establish their user ID and password. It is important to note that the PAN number will serve as your user ID, while you have the liberty to create your own password.

What should you do if you happen to forget your password?

In the event that you have created a user ID and password but have subsequently forgotten the password, there is no need to panic. Simply select the "Forgot Password" option. Following this, you will receive an OTP on the mobile number linked to your account, which you will need to enter. It is crucial to ensure that the mobile number is connected to your Aadhaar card. Additionally, it is mandatory for your PAN and Aadhaar to be linked together. Subsequently, you can proceed to create a new password.

Assessing the Annual Information Statement (AIS) is imperative:

It is of utmost importance for taxpayers to meticulously review their Annual Information Statement (AIS) prior to filing their income tax return. The AIS furnishes comprehensive details pertaining to your earnings. To access this statement, navigate to the official website of the Income Tax Department and select the AIS option. In Part One of the statement, you will find information such as your name, PAN, and Aadhaar. The second part provides an extensive overview of your earnings, including details on TDS, advance tax, self-assessment, and any outstanding dues. After carefully reviewing the statement, proceed with filing your tax return to avoid any inadvertent errors that may manifest in the future.

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