The deadline for filing your income tax return for the financial year 2022-2023 is approaching fast, with only two days remaining until 31st July 2023. After this date, late fees will apply. Currently, over 4.5 crore returns have been filed, with 7 percent being first-time filers. Utilizing various tax exemptions and deductions can significantly reduce your taxable income, providing you with an opportunity to optimize your tax liabilities. In this article, we will discuss essential tax-saving options and common mistakes to avoid while filing your income tax return for the current financial year.
Tax Exemptions and Deductions:
Besides the well-known tax-saving options under Section 80C, there are numerous other avenues to reduce your tax liability. Some crucial exemptions and deductions are as follows:
Mistakes to Avoid:
Filing income tax returns has become more accessible with online platforms, but mistakes can still lead to department notices. Common errors to avoid include:
Conclusion: With just 3 days left to file your income tax return for FY 2022-2023, act promptly to avoid late fees. Take advantage of available tax exemptions and deductions to reduce your taxable income effectively. Stay cautious and provide accurate information to avoid receiving notices from the income tax department. By adhering to these guidelines, you can successfully file your income tax return and fulfill your tax obligations responsibly.