If you have not filed your return yet, then it is important for you to know some things. You should not wait for the last date to file income tax return. Second, you should try to avoid common mistakes
Income Tax Return: The season for filing income tax returns has begun. If you have not filed your returns yet, then it is important for you to know a few things. First, you should not wait for the last date to file income tax returns. This time the Income Tax Department has extended the deadline for filing returns to 15 September. Generally, its deadline is 15 July. You have to take special care of some things while filing returns. This will eliminate the possibility of you getting an income tax notice.
1. Do not claim fake deductions
Many taxpayers claim fake deductions to reduce their taxes. Income Tax Department now uses new technology to process returns. This has made it easier to catch cases of fake deductions. Recently, the Income Tax Department has raided more than 200 places in cases of fake deduction claims. It is important to know that the Income Tax Department has information about your every high value transaction.
2. Match the data of Form 16, AIS and Form 26AS
Before filing income tax return, you should match the data of Form 16, Annual Information Statement and Form 26AS. You can download AIS and Form 26AS from the Income Tax website. Both of these contain information about your TDS/TCS and every high value transaction. Form 16 contains information about your salary income and TDS.
3. Do not make a mistake in choosing the ITR form
Before filing the return, know which is the right form for you. Generally, based on the source of income of the taxpayers, it is decided which taxpayer will use which ITR form. If there is any confusion, you can take the help of tax experts. If the return is filed in the wrong form, the Income Tax Department will declare it as a defective return. Then all your hard work will go waste.
4. Form 16 alone will not suffice
If you are employed, you will need Form 16 to file your return. But, it does not contain all the information. For example, it does not contain information about the interest earned from the savings account. If you have made capital gains by selling shares or mutual fund units, then this information will also not be available in Form 16.
5. Do not forget to tell about foreign assets
Many times, Indians have to open bank accounts during posting abroad. Many people buy property abroad. It is necessary to give information about your assets abroad in the income tax return. Even if there is no balance in your bank account abroad, you will have to tell about it in the ITR form.
6. Income from previous employer
If you have changed jobs in the last financial year, then you will also have to tell about the income from the previous employer in the ITR form. This is because your income in the form of salary from your previous employer will be visible in AIS. This means that a taxpayer cannot hide his income from his previous employer even if he wants to. You should ask for Form 16 from your previous employer.
7. Give correct information about bank account
You should give correct information about your bank account in your ITR form. After that it is also important to validate the account. Double check the bank details before submitting the form. This is important because the refund amount will come in this account. You should also check the information of your email ID and mobile number.
