Before filing income tax returns, taxpayers should: (1) verify their Annual Information Statement (AIS) on the income tax portal to ensure all salary, interest, and investment data matches their declared income, as mismatches trigger notices; (2) compare both tax regimes (new default regime and old regime with deductions) to determine which offers better benefits, since deductions like NPS, home loans, and health insurance can significantly impact tax liability; and (3) file early to receive refunds faster (in weeks rather than months) and allow time to correct any errors.
Deep Dive
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Deep Dive
Three things to check before you file your Income Tax this yearAdded:
One small mistake this tax season and you could end up paying more than you need to. Here's what actually matters this year. Income up to 12 lakhs is tax free.
>> [music] >> And if you're salaried, that goes up to 12.75 lakhs. Sounds simple, right?
Here's where most people get it wrong.
The new regime is the default. But if the old regime works better for you, you have to actively choose it before the deadline.
If you have missed that window, the boat has now already sailed.
So, before you file your returns this tax season, do these three things.
First, check your AIS on the income tax portal.
Check every transaction, your salary, interest, investments. That's all tracked. Ensure that there is no mismatch because that is what triggers notices. Second, don't just assume that new regime is better for you because if you have deductions like NPS, home loan, or health insurance, you must run the numbers on both regimes.
The difference can be bigger than you think. Third, file early. You do not need to wait till the last day because early filers don't just get peace of mind. They also get their refund faster in weeks, not months.
Plan it right. Speak to a CA today.
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