Now with not much time left to file ITR with the tax department, you surely need to hurry up and if considering to file the return on your own. Please ensure that you do not end up making these mistakes.
So the first thing that ascertains when there arises an obligation for you to file returns is put forth in the last budget and that makes any individual earning an income over Rs. 2.5 lakh in a year accountable for filing return. Those individuals classified as senior citizens by the Income tax department are required to file returns if they exceed the 60 years age bracket.
After ensuring this point, the best way to begin with filing ITR is to prepare a checklist so that the ITR is filed and submitted with utmost care.
Personal Information section needs to be filled in carefully as well as pre-verified
so that while submission of the return, your application is not rejected. While filing in the details per se sources of income and tax deductions made, you can cross-verify the details by using Form 26 AS.
Declaration of complete income and other details
In respect of the sources of income, all such income sources that include interest income earned or accrued from investments in fixed deposits, PPF or from investments made for a family as a whole have to be notified in the return. The said details are to be included in the tax return irrespective of the fact whether Income Tax allows exemption on such an income or not.
Declarations in respect of the income, shall be complete only when for a given year for which you need to file tax return, also includes complete details per se the bank accounts and other property details held by you in that year.
Deductions need to be rightly claimed as per the provisions laid down by the Income Tax Act
The income tax allows several deductions that can be claimed to reduce the total income tax liability. But just for the sake of to lessen your tax incidence, you cannot claim deduction for an account under a wrong head. Like for instance, EPF contribution made by the employer cannot be claimed under Section 80C. Deduction for donation is subject to some exemptions that have to be checked beforehand and depends on the entity.
As a last step verification needs to done for the filed return:
The process has been simplified by linking aadhaar with the ITR filing process, wherein by simple receipt of OTP on the mobile number linked to the aadhaar, your return shall be verified. Or in the other case, e-verification can be done or the ITR acknowledgement can be sent to the Bengaluru office.