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Key Points to consider before submitting your Income Tax Return
Submitting an Income Tax return needs due diligence as some errors in return may lead to unwanted legal disputes and additional amount of interest and penalty over the tax amount. We have briefed hereunder a few safeguard that a person should look after at the time of filing of Income Tax Return.
  1. Choosing correct Income Tax Return (ITR) form

Choosing the right Income Tax Return form is the first step of income tax return filing that should be done very diligently as selecting incorrect income tax form can lead the return defective. Income tax department notifies the Income Tax Return form every year for each class of taxpayers. For example, ITR –3 can be used for business income, ITR-4 is used for a person who chooses to opt presumptive income tax filing under section 44AD, 44ADA etc. 

  1. Interest income received from various sources must be reported 

Incomes received from saving bank account, post office saving bank account, National Saving Certificates etc should be reported to the appropriate head irrespective of the amount received.  

  1. Correct reporting of bank details

At the time of filing of income tax return, the taxpayer should check twice bank details entered as if there is a refund, and then it will not be credited if bank details are wrongly entered. 

  1. Due date of filing of income tax return

A person should keep in mind the due date of filing an income tax return. Filing of income tax returns after the due date can result in payment of penalties and interest. 

  1. Attention while feeding personal details

At the time of feeding the personal details like email, phone number etc. a person should check these details 2 times because all communications from the income tax department are sent to email and phone no. provided by us.

  1. Verification of form 26AS

It is very crucial to check the form 26AS at the time of filing your income tax return. Form 26AS consists of many information like TDS deducted, taxes paid by us, etc. 

  1. Verification of Income tax return filed

It is mandatory that an income tax return be verified within 120 days from the date of filing. A return can be verified by any of the following methods:

  • Sending ITR acknowledgement copy to CPC Bangalore via post.
  • E-verification through Aadhar OTP.
  • E-verification through EVC.
  • E-verification through net banking.

If your income tax return is not verified within the stipulated time then the return will be treated as NOT FILED.

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