The last date to file income tax returns is 15 September this year. Actually, some new forms have been released this time. And investors are not having difficulty in filing returns, so this step is being taken. If you are also going to file returns, then first do these 5 important things.
Form 26AS and AIS must check
Before filling ITR, please check your form 26AS and Annual Information Statement (AIS) on the Income Tax Portal. It contains all the income related to your PAN number and chopped TDS on it. If there is a difference in your real income and information given in it, then tax notice can come in future. Confirm whether your amount and TDS is correctly deposited from your employer, bank or any other place.
Collect all documents and proof
You have all the necessary documents to fill the correct tax return. This includes Form 16 (for salary), bank interest certificate, share or mutual funds of capital gain statement, rented receipts, and 80C, 80D exemption. This will not make a mistake in data entry and there will be no problem in any question or investigation.
Choose the right ITR form
The Income Tax Department has created separate forms for different income. For example, ITR-1 is only for salary with salary, but if you have a capital gains, foreign income, or more than one income source, it is necessary to fill ITR-2 or ITR-3. Return may be rejected or can come to Scrutiny when the wrong form is filled.
Check tax liability
Before filing the return, see how much your total tax liability is. If there is a decrease in your total TDS and advance tax, then submit the remaining tax before filing returns as “self assessment tax”. Your return will become invalid if the rest is not paid. There is an option of Net banking or easy payment from UPI on the portal.
Update personal details and do E-Verify
Keep photocopy, mobile number and email updates of Aadhaar and pre-validate the bank account so that the refund is easily found. E-varication is necessary within 30 days of filing returns-this Aadhaar can be done in OTP, net banking or other way. Without e-verification, there will be neither refund nor return process.