The notion that filing an Income Tax Return (ITR) can be accomplished in a mere 10 minutes is an appealing one, particularly as deadlines loom. However, this claim is specifically applicable to individuals with uncomplicated financial situations. Taxpayers whose incomes are straightforward and whose information is available in a pre-filled return may find this timeframe feasible. Nevertheless, those with complex financial circumstances might not benefit from such a rapid approach.

Nishant Shanker, a Tax and Investments Expert at Navraj Global Advisors, asserts that the 10-minute claim holds true primarily for salaried individuals with a single employer, minimal deductions, and no capital gains or foreign income. According to Shanker, if the pre-filled return aligns with the taxpayer’s actual records, the filing could indeed go quickly. However, it is crucial for more complex taxpayers to take additional time to ensure all details are thoroughly reviewed.

Essential Documents to Gather Before Filing

Preparing adequately can significantly streamline the ITR filing process. Taxpayers are advised to have all pertinent documents ready prior to logging in to file their returns. Key documents include Form 16, Permanent Account Number (PAN), Aadhaar, Form 26AS, Annual Information Statement (AIS), Taxpayer Information Summary (TIS), and bank statements. Additional records, such as interest certificates, investment proofs, and details of additional income, should also be prepared.

Having these documents on hand can facilitate a smoother filing journey, as noted by Shanker. When everything is readily available, the chances of interruptions during the filing process are greatly reduced, potentially allowing for a quicker completion.

However, taxpayers should not assume that the pre-filled information is completely accurate. Shanker emphasises the importance of verifying personal details, income information, and claimed deductions to avoid any future complications.

Avoiding Common Mistakes in Quick Filings

Rushing to complete the ITR can lead to several avoidable errors. Shanker points out numerous frequent mistakes made by taxpayers who attempt to file hastily. These include over-reliance on the pre-filled returns, overlooking discrepancies in the AIS, and claiming incorrect deductions.

Additionally, some individuals may choose an inappropriate ITR form or neglect to report capital gains and other income sources. Even minor omissions can create issues later if the recorded data with the Income Tax Department does not correspond with what is filed.

While a simple salary return may be completed quickly, it is essential for taxpayers with more complicated financial situations—such as those dealing with capital gains, multiple employment sources, or foreign income—to invest additional time scrutinising their returns. This diligence can significantly reduce the risk of future complications.

The Importance of E-verification Post-Filing

Contrary to popular belief, the process of filing an ITR does not conclude once the return is uploaded. Shanker clarifies that e-verification is a mandatory step to complete the filing process. If the return is not e-verified within the stipulated time, it is treated as if it has not been submitted at all.

Failure to complete this crucial step can lead to taxpayers facing penalties for non-filing, despite having uploaded their returns. Thus, ensuring timely e-verification is essential for confirming that the filing is legitimate.

Shanker recommends that before submitting, individuals follow a checklist that includes selecting the correct ITR form, reconciling Form 16 with AIS, TIS, and Form 26AS, verifying all income and deductions, checking bank details, and ensuring that e-verification is carried out promptly after submission. Prioritising accuracy over speed is vital in preventing disputes and future notices from the tax authorities.

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