Looking to file Income Tax Return? Check all the precautions while filing ITR
Income Tax return filing has now become a hassle-free process and users can easily file the Income Tax Return (ITR) in online and offline ways.
The Finance Ministry had further extended the date of filing income tax returns for the Assessment Year 2021-22 by two months, i.e. postponed from July 31, 2021 to September 30, 2021.
Meanwhile, it is important to know all the precautions before filing the ITR:
1) File the return of income on or before the due date and late filing must be avoided as there can be huge consequences:
a. Losses cannot be carried forward.
b. Levy of interest under section 234A.
c. Late filing fees under section 234F is levied which can be Rs. 5,000 shall be payable if return furnished after the due date. However, the amount of late filing fees to be paid shall be Rs. 1,000, if total income does not exceed Rs. 5 Lakh.
d. Exemptions under section 10A, section 10B, are not available.
e. Deduction under 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, are not available.
f. Deduction under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB is not available. (From A.Y 2018-19).
2) It is mandatory for taxpayers to download Form 26AS and give actual TDS/TCS/Tax paid. Necessary actions will be taken if any discrepancy is found.
3) It is therefore important to compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions are to be claimed, books of account and balance sheet and P&L A/c (if applicable), etc.
4) No documents shall be attached along with the return of income and the taxpayer should be able to check the correct return form applicable in his case and then give accurate information and further confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.
5) Notably, other details like PAN, address, e-mail address, bank account details, etc should also be correct.
6) For details on e-filing please log on to https://www.incometax.gov.in