It is mandatory for every individual, who has income to pay Income Tax and file Income Tax Return. The last date to file Income Tax Return for the financial year 2017-18 is 31st July 2018. Before you start filing your Income Tax Return there is a list of things that you need to keep in mind and try to avoid doing it as much as you can.
Avoid making mistake in details.
While you file Income Tax Return, you will have to fill various details like your Bank details that include your IFSC Code, Account Number, Name as per the bank records etc, PAN Number, Postal Address and Email ID. If these details are incorrect, then it may cause issues in your ITR processing. There are chances that you may not receive important intimations from the Income Tax Department, due to the incorrect details.
Do not forget to claim deduction under Section 80
The most efficient way to reduce your tax liability is by claiming deductions. You must check all the possible deductions that you are getting under section 80C and must claim them. In case you are unable to submit the proofs of your investments to your employer, don’t worry you can do that while filing Income Tax Return and reduce your tax liability under section 80 of Income Tax Act 1961.