Here are a list of things to keep in mind while filing ITR

Choose the appropriate ITR form based on your income profile

ITR-1: For individuals with income up to Rs 50 lakhs from salary, one house property, and other sources

ITR-2: For income exceeding Rs 50 lakhs, capital gains (including crypto), more than one house property, foreign assets/income etc.

ITR-3: For individuals with all ITR-2 criteria plus partnership in a firm or income from business/profession

ITR-4: For individuals with all ITR-1 criteria and paying taxes on income from business/profession

Use Assessment Year (AY) 2023-24 for filing taxes on income earned in Financial Year (FY) 2022-23

Consider all incomes from the 26AS statement, not just net income after TDS. Verify that Form 16 matches Form 26AS for salaried individuals

Salaried individuals trading in equities must use ITR-2/3 to report capital gains. In most cases, capital gains/losses are prefilled in the form

Long-term capital gains up to Rs 1 lakh are exempt, but short-term gains are not

For those who sold property during the year, capital gains must also be accounted for in the schedule

All your income details, including salary, business/profession, interest, dividends, and capital gains, are pre-filled from AIS

If you receive rental income, you need to enter the amount separately

Be cautious if your purchases exceed your reported income, as it could raise red flags and lead to notices from the I-T department

To receive refunds, ensure your bank account is pre-validated. Refunds are now transferred electronically only to the bank account linked with your PAN

After having successfully filed your ITR online, you need to verify it. The I-T Department starts processing your return, once it is verified.