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Business News » Personal Finance News

Income Tax Return: 7 points you must keep in mind while filing ITR

 There are various ITR forms available such as ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 and ITR7 that must be duly filled depending on income category of a taxpayer. 

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Income Tax Return: 7 points you must keep in mind while filing ITR
Every taxpayer, be it an individual or Hindu Undivided Family (HUF) or corporates, must file Income Tax Returns (ITR) on time. Photo: Pixabay

Every taxpayer, be it an individual or Hindu Undivided Family (HUF) or corporates, must file Income Tax Returns (ITR) on time. Through this means, any income earned by an individual or an entity, either from salary or other sources, gets communicated to Income Tax Department. There are various ITR forms available such as ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 and ITR7 that must be duly filled depending on income category of a taxpayer.  However, before filing your ITR, there are a host of precautions the department asks everyone to take note of so that the process can be concluded in an error-free manner. 

If you are filing your ITR, then remember these 7 points while chalking down your returns from income. 

1. File before due date!

According to IT department, the first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated returns. Following are the consequences of delay in filing the return of income/ Loss (other than house property loss):

  • Losses cannot be carried forward. 
  • Levy of interest under section 234A.
  • Late filing fees under section 234F is levied for return filed from A.Y 2018-19 onwards. Late filing fee of Rs. 5,000 shall be payable if return furnished after due date but before 31st December of the assessment year. In other cases, late filing fees of Rs. 10,000 is payable. However amount of late filing fees to be paid cannot exceed Rs. 1,000, if total income does not exceed Rs. 5 Lakh.
  • Exemptions under section 10A, section 10B, are not available. 
  • Deduction under 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, are not available.
  • Deduction under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB are not available. (From A.Y 2018-19)
  • Belated return cannot be revised under section 139(5) till A.Y 2016-17. However, from A.Y 2017-18, even a belated can be revised by the taxpayer. 

2. Form 26AS!

A taxpayer should download Form 26AS and should confirm actual TDS/TCS/Tax paid. If any discrepancy is observed then suitable action should be taken to reconcile it. 

3. Study your documents thoroughly!

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 is to be claimed, books of account and balance sheet and P&L A/c (if applicable), etc. 

4. Attachment!

No documents are to be attached along with the return of income. The taxpayer should identify the correct return form applicable in his case. Carefully provide all the information in the return form. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc. 

5. Your identity proof!

Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct. 

6. Acknowledgment!

After filling all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income. In case return is filed electronically without digital signature and without electronic verification code do not forget to post the acknowledgement of filing the return of income at CPC Bangalore within 120 days of filing return of income.

7. Keep a copy of proof!

Since legal proceedings under the Income-tax Act can be initiated up to four or six years (as the case may be) prior to the current financial year, you must maintain such documents at least for this period. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return as long as possible. Further, after introduction of the e-filing facility, it is very easy and simple to maintain the copy of return of income.

If you want to file ITR using e-filing mode, then log on to www.incometaxindiaefiling.gov.in.

Recent data of IT department reveals that, there was 18.65% growth in ITR filing for the assessment year 2018-2019. A total 6,49,39,586 ITRs were filed, higher compared to 5,47,30,304 of previous assessment year. 

However, for financial year FY19, the ITR filing was gradually down by 0.99% to 6,68,09,129, as against 6,74,74,904 recorded in FY18. 

Data also showcased that, it would be taxpayers having income up to Rs 5 lakh, were highest ITR filers. In FY19, 4,91,09,010 individuals filed ITR having income group up to Rs 5 lakh - which was led by 4,58,52,470 individuals alone. Remaining were body of individuals, associations of person, company, firm, HUF, government, local authority, trust and artificial juridical person. 
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income Tax ReturnITR Filing
Written By: ZeeBiz WebTeam
Updated: Wed, May 01, 2019
12:44 pm
Mumbai, ZeeBiz WebDesk
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