The season to file income tax returns has started. If you have not yet filed a return, then it is important for you to know some things. First, you should not wait for the last date to file income tax returns. The Income Tax Department has increased the deadline for filing returns this time to 15 September. Generally, its deadline is July 15. You have to take special care of some things in filing returns. This will no longer be the possibility of getting an income tax notice.
1. Do not claim fake deduction
Many taxpayers claim fake deductions to reduce their tax. The Income Tax Department now uses new technology to process returns. This has made it easier to catch fake deduction cases. Recently, the Income Tax Department has raided more than 200 places in cases of fake deduction claims. It is important to know that the information about every high value transaction of yours is with the Income Tax Department.
Before filing income tax returns, you should get the data of Form 16, Annual Information statement and Form 26AS Macha. You can download AIS and Form 26AS Income Tax website. Both of these contain your TDS/TCS and every high value transaction. Form 16 contains your salary income and TDS information.
3. Do not make a mistake in the election of ITR form
Before filing the return, know which is the right form for you. Generally, based on the source of income of taxpayers, it is decided which taxpayer will use which ITR form. If there is any kind of confusion, you can take help of tax experts. If you file a return in the wrong form, the Income Tax Department will declare it a defective return. Then your hard work will become useless.
4. Just Form 16 will not work
If you do a job, you will need Form 16 to file returns. However, it does not contain all information. For example, the interest from the savings account is not known. If you have a capital gains on selling units of share or mutual funds, then it will not be known in Form 16.
5. Don’t forget to tell about foreign assets
Many times Indian people have to open a bank account during posting abroad. Many people buy property abroad. You must give information about your assets abroad in income tax return. Even if there is no balance in your bank account abroad, you will still have to tell about it in ITR form.
6. Income from the previous employer
If you have changed the job in the last financial year, then you will also have to tell about the income made from the previous employer in ITR form. The reason for this is that in AIS, your income will be seen as a salary from the previous employer. This means that no taxpayer can hide the income made from the previous employer. You should ask for Form 16 from the previous employee.
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 necessary to validate the account. Before submitting the form, check the bank details twice. This is necessary because the refund money will come in this account. You should also check your email ID and mobile number information.