Invest Smart: Here's a guide to help you file your income tax returns

The season to file income tax returns is here. The last date to file your returns is July 31st. If you miss the deadline you can still file your returns by December 31st, but you will have to pay a penalty of up to ₹5000.

Watch the video as Pankaj Mathpal, CEO, Optima Money Managers explains some of the important aspects of filing income tax returns - what are the errors to avoid, which ITR form you should use, what are the consequences of incomplete disclosures and how to declare income from cryptos or virtual digital assets.

The income tax department has said that over 1 crore ITRs have been filed until June 26th, hitting the milestone faster than last year. The IT department also urged taxpayers to file their returns early and avoid a last minute rush.