Income Tax Return Filing: Submit Before July 31st

Attention, taxpayers! The deadline for filing your income tax returns is fast approaching. Ensure you submit your returns by July 31st to avoid any late fees or penalties. Stay compliant and stress-free — file your taxes on time!

Why File Before July 31st?

The July 31st deadline applies to most individual taxpayers, HUFs, and businesses not requiring an audit. Missing this deadline can result in:

• Late filing fee of up to ₹5,000 under Section 234F (₹1,000 if income is below ₹5 lakhs)
• Interest charges under Section 234A on any outstanding tax liability
• Loss of carry-forward benefits for certain losses (capital losses, business losses)
• Delayed refunds if you have a refund due

Who Must File by July 31st?

• Salaried individuals with income above the exemption limit
• Self-employed professionals without audit requirements
• Freelancers and gig workers with taxable income
• Senior citizens with income above their respective exemption limits
• Anyone with income from multiple sources (salary + rental + investments)

Documents You'll Need

1. Form 16 from your employer (for salaried individuals)
2. Form 26AS — your annual tax credit statement
3. AIS (Annual Information Statement) — comprehensive income details
4. Bank statements for interest income and transaction details
5. Investment proofs for Section 80C, 80D, and other deductions
6. Rent receipts if claiming HRA exemption
7. Home loan statements for interest and principal deductions

Steps to File Your ITR

1. Download Form 16 and Form 26AS from the TRACES portal
2. Choose the correct ITR form (ITR-1 for most salaried individuals)
3. Log in to the e-filing portal (www.incometax.gov.in)
4. Fill in income, deduction, and tax payment details
5. Verify pre-filled data with your documents
6. Submit and e-verify using Aadhaar OTP, net banking, or DSC

Common Mistakes to Avoid

• Not reporting all income sources — bank interest, capital gains, freelance income
• Choosing the wrong ITR form — this can lead to rejection
• Forgetting to e-verify — your return is invalid without verification
• Missing deductions — review all applicable sections (80C, 80D, 80E, 80G, etc.)

Pro Tip: Don't wait until July 31st! File early to get faster refunds and avoid the last-minute server rush on the e-filing portal.

Follow @xpert.advices on Instagram for more tax filing tips and reminders.