Things to keep in mind while filing your income tax return this year

Ensure you file your returns ahead of time, in case you need to make changes

The Central Board of Direct Taxes has decided to further extend the due date for filing income-tax returns (ITR) for Assessment Year (AY) 2021-22 to December 31 from September 30.

Filing ITR is no longer a 20-minute exercise, even if done online. 

Here’s a checklist by tax experts on the mistakes to avoid while filing ITR.

New or old tax regime

This year there is the option of filing ITR under the new or old tax regimes. Under the old regime, the taxpayer will get deductions and exemptions. Under the new, the tax rate is lower, but without all deductions and exemptions.

Suvigya Awasthy, associate