ITR of FY 2018-19 is to be filled on 30 September
You must provide accurate information about your income
In the Corona era, the central government has extended the deadline to file income tax returns for the financial year 2018-19 till 30 September, giving relief to taxpayers. In this case, if you have not yet filed the return, then fill it as soon as possible. But there may be some mistakes inadvertently while filing the return. Making these mistakes may cost you dearly. In this case, you should be careful while filling ITR. CA Abhay Sharma (Former Chairman Indore Chartered Accountant) should tell you some things that you should keep in mind while filing your income tax return.
Choose the correct ITR form The
Income Tax Department has prescribed several ITR forms. You have to choose your ITR carefully based on the means of your income, otherwise the Income Tax Department will reject it and you will be asked to file a revised return under section 139 (5) of the Income Tax.
Give information
about the interest received on the savings account, while showing the income tax return, show the interest received on the savings account. If you do not show this income, then it will be seen as tax evasion and action can be taken against you whereas if you show this interest in your ITR, then by section 80TTA of income tax you will be on this interest. Upto 10000 discount can be availed. That is why do not hide this income.
Be sure to download Form 26AS and match it to your income.
Form 26AS or Tax Credit Statement gives all the information about payment of TDS deducted on your income. Do check it before claiming your tax refund. This will protect you from any kind of mistake in tax calculation, which will enable you to file a correct tax return.
Provide the correct personal information
Fill all your information in the correct ITR form. Keep in mind that the information like spelling of your name, full address, email, contact number should be same in your PAN, ITR and Aadhaar. Enter the same mobile number on which the SMS can arrive. You will find it difficult to get a refund if you give incorrect information. Incorrect information may be costly to avoid in the department.
Do not delay in filing income tax returns.
Tax payers often forget to file at ITR time. More time is required to file ITR, so do not try to fill it at the last minute. Please file the returns in time. This way you can protect yourself from penalty.
Verify the tax return
Many people feel that their work is over after filling the tax return, but you have to verify it after filing the tax return. You can e-verify your tax return from the e-filing portal of your income tax or verify it by sending CPC-Bengaluru.
It is necessary to give information about the income from the previous company, while
filling the income tax returns, keep in mind that if you have left one job in the financial year and joined another, then while filing the return, give the details of income from both companies in ITR. In such a situation, it is important that you must take Form 16 from the employer of both your previous and present companies. Form 16 ensures that your returns take the least time and contain the least mistakes.
Give information about exempted income and tax free income
ITR form has many columns where the details of exemption on agricultural income, dividend, long term capital gains (long term capital gains) have to be given in a separate column specially. Here, give information about exempted income and tax-free income.
Also report capital losses and losses.
Filing returns means that you have to give details of not only your income but also your losses. Sometimes we also have capital losses which we do not show in ITR. It is wrong to do this because in case of loss in a year, you can adjust it with capital gains by adding it to your return or you can carry forward this loss for the coming years which you can do anytime in the next 8 years. Can adjust with capital gains.
Do not fill wrong information to
get tax exemption. People resort to fake exemptions to avoid tax. An attempt is made to save tax under the guise of false donations. Apart from this, fake fee receipts, fake rental receipts, bills, loan papers, fake investment receipts, etc. are also used in the name of children’s education. If you have shown any fake exemption in your ITR, then you should believe that at present, you are in the eyes of the Income Tax Department and action can be taken against you.
