What are the major steps in preparing an individual income tax return?

Preparing an individual income tax return involves several key steps. Here are the major ones:

• Gather Documents: Collect necessary documents, including Form 16, bank statements, investment proofs, and other financial records.
• Choose the Right Form: Select the appropriate ITR form based on your income sources and filing status.
• Calculate Total Income: Calculate total income by combining earnings from salary, business, capital gains, and other sources.
• Claim Deductions:  Identify and claim eligible deductions under sections like 80C, 80D, and others to reduce taxable income.
• Compute Tax Liability:  Calculate tax liability using the applicable income tax slabs and rates.
• File Online: Choose to file the return online, ensuring compliance with the specified deadlines.
• Verify ITR:  Verify the ITR through e-verification methods or by sending the signed ITR-V to the designated address.
• Keep Records: Maintain copies of filed returns, supporting documents, and proofs for future reference or audits.