Thread by @ithoughtplan

Confused about tax filing in India?

Don't worry, you're not alone!

Here are some essential Do's and Don'ts to help you file your taxes with ease!

A thread! (1/n)

#taxfiliing #tax #deductions #personalfinance #thread

#1 Be On Time

Remember to file your tax returns on time. This can help you avoid penalties and legal issues with the Income Tax Department.

The deadline for filing taxes in India is usually July 31st. (2/n)

#taxreturns #taxes #incometax #directtax

#2 Disclose Necessary Infomation

Remember to disclose all your sources of income, including salary, rental income, interest, and capital gains while filing your tax returns to avoid penalties. (3/n)

#tax #salary #rentalincome #interest #capitalgains

#3 Make the Right Claims

Maximize your deductions by claiming expenses like medical bills, home loan interest, and charitable donations.

This can help you minimize your tax liability and optimize your tax savings. (4/n)

#claims #taxliability #interestrates

#4 Keep Documents Handy

Keep all your tax-related documents, including Form 16, salary slips, bank statements, and investment proof, organized and readily available.

This can help you file your tax returns accurately and efficiently. (5/n)

#Form16 #salaryslips #bankstatements

#5 Don't Rush

Double-check all the details to ensure accuracy, including your personal details, income, and deductions. (6/n)

#income #deductions #tax

#6 Ignore Tax Returns After Filing

Don't forget to verify your tax returns after filing.

You can do this electronically or by sending a signed copy of the ITR-V form to the Income Tax Department. (7/n)

#ITRV #incometax #directtax

Here are some other common mistakes to avoid while filing your taxes:

- Using incorrect Tax Forms,
- Not reporting Interest income from Savings & FD
- Not reconciling Form 26AS statement
- Not linking PAN with Bank Accounts
- Not claiming correct deductions (8/n)

#incometax

Filing taxes in India can be easy with the right knowledge.

Remember to double-check your calculations, claim tax benefits, and file before the due date.

Keep your documents safe and seek help if required.

Happy filing! (9/n)

#India #taxfiling #claims #personalfinance

If you find this thread useful, retweet it and help us reach more people like you. (10/n)

#financialplanning #financialfreedom #financialgoals #tax #taxplanning #incometax #taxfiling #directtax #personalfinance

@threadreaderapp unroll!