![]() ![]() ![]() By reviewing your bank statements, you can identify your income sources to ensure that you accurately report all your income in the appropriate categories,” said Agarwala. “Your bank statements provide a comprehensive record of all the transactions and income credited to your accounts during the financial year. To ensure that you don’t miss out on any income when filing your tax return, it is a best practice to check your bank statements thoroughly. By properly disclosing these losses in the income tax return, taxpayers can take advantage of this provision and reduce their tax liability in subsequent years when they have positive income,” said Agarwala. ITR filing start date 2023 (AY 2023-24): The Income Tax Return (ITR) e-filing for Assessment Year 2023-24 (FY 2022-23) is expected to start soon. ![]() “It is important for taxpayers to understand that losses incurred under various heads of income, can be carried forward for a specified period (generally 8 years). ITR Filing for the First Time Click on Register After that, click on Taxpayer Enter your PAN details and click on Validate. But if you don’t report your losses in ITR then you won’t be able to set off loss from income in future. Another common misconception among taxpayers is that they often fail to disclose or overlook reporting losses in their income tax returns. ![]()
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