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4 tips to follow if you’re filing taxes at the last-minute

  • Highlights

  • Plan your tax filing even if doing so the last minute

  • Ensure that all documents are ready for submission

  • Meticulously complete each step to avoid errors

  • E-file your taxes or hire a CA to do so on your behalf

As you’re aware, filing your taxes on time is imperative to avoid civil and criminal penalties. But, it may so happen that because of a hectic schedule or because you have other priorities to tackle first, you may put off this task until the absolute last minute. In such a situation, to ensure that you are able to file your taxes correctly, here are a few tips that you should follow.

1. Set a reminder

It is important that you set a reminder, so even if you plan to pay your taxes at the last moment, you’re sure that you won’t forget to pay them altogether. This means that even if your plan is to tackle this 1 or 2 days before the deadline, be sure to set a reminder on your phone or on your laptop. This will ensure that you don’t default. Also, keep your eye out for any deadline extensions that the government may announce. This will allow you to plan your tax filing in a more systematic manner.

2. Have all the necessary documents on hand

Before you start with the paperwork for tax filing, make sure you have all the necessary documents on hand. For instance, having your bills, Form 16A, TDS certificate and challan of tax payments handy will help you complete the process quicker. Not having your documents, on the other hand, will slow down the process significantly, and may result in mistakes or delays.

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3. Complete every step cautiously

Filing your taxes at the eleventh hour may lead to common errors that are a product of hastiness. So, to avoid mistakes such as entering an incorrect bank account number, omitting your signature, date of return, etc., work slowly and meticulously. Avoid filing taxes when you’re multitasking, for instance. This will ensure that you give filing taxes due attention and are able to do it right the first time.

4. E-file your taxes or hire an expert

Another way to reduce errors is to file your taxes online. This saves you time and energy, and offers accurate results too. You can do so yourself by visiting the Income Tax Department’s website. In an absolute pinch, you can also consider hiring a chartered accountant to file your taxes. As long as you have all the documents with you, outsourcing the task to a professional will save you time and free you of the worry of making mistakes.

When it comes to filing taxes, it is best to do so in advance. But, if you find yourself filing your taxes at the last minute, follow these steps to keep errors at bay and complete the process systematically.

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