Last-minute ITR filing: Your 3-day checklist for deadline completion

The deadline for filing Income Tax Returns (ITR) can often sneak up on us, leaving last-minute filers scrambling to meet the due date. While procrastination is common, it's crucial to ensure timely filing to avoid penalties and unnecessary stress. To help you stay organized and complete your ITR filing within three days, this blog presents a comprehensive checklist. Let's dive in and cover all the essentials!

Day 1: Gather All Required Documents

To kick-start your ITR filing process, dedicate the first day to collecting essential documents that will be necessary for accurately filing your taxes. Make sure to gather the following:

1. PAN Card

Ensure your Permanent Account Number (PAN) card is readily available.

2. Form 16

Retrieve your employer-provided Form 16, which reflects your salary details and TDS deductions.

3. Rental Income Documents

If you earn rental income, compile rental agreements, rent receipts, and other relevant records.

4. Interest Certificates

Assemble interest certificates from banks or financial institutions, depicting details of interest earned on savings accounts, fixed deposits, or any investments.

5. Investment Proof

Collect proofs of investments made under various sections of the Income Tax Act, such as 80C, 80D, or 80G.

6. Capital Gains

For individuals earning through capital gains, gather supporting documents such as sale deeds, purchase agreements, or stock trading statements.

Day 2: Calculate and Verify Income & Deductions

On the second day, focus on calculating your income and deductions accurately. Follow these steps:

1. Income Calculation

Sum up your salary, rental income, capital gains, and other sources of income to arrive at your total taxable income.

2. Deductions

Deduct eligible expenses under different sections of the Income Tax Act  to arrive at your net taxable income. Consider deductions for home loan interest, medical insurance premiums, and donations made to eligible charities.

3. Verify TDS Details

Cross-check the TDS amounts as mentioned in your Form 16 with your salary slips and annual salary statements.

4. Review Other Tax Benefits

Evaluate if any additional tax benefits apply to your situation, such as benefits for senior citizens or differently-abled individuals.

Day 3: File Your ITR Online

On the final day, complete the e-filing of your ITR online by following these steps:

1. Choose the Correct ITR Form

Select the appropriate ITR form based on your income sources and filing category. Individuals with income from salary, house property, or capital gains typically file using ITR-1 or ITR-2 forms.

2. Fill in the Details

Enter your income, deductions, and other relevant information diligently. Verify all entries to minimize errors.3. Validate and Submit: Before submitting your ITR, validate the details filled in to ensure accuracy and compliance.