Income Tax Return Filing AY 2021-22: The copy has to be verified by getting signed within 120 days of filing the income tax return.
Income Tax Return Filing AY 2021-22: There is a saying that death and tax are two such things of life which are certain. Accordingly, the importance of filing your Income Tax Return is paramount, as it remains a constant part of our corporate life till we retire. Not filing your income tax return on time can land you in trouble, which may also include monetary penalties in some cases.
So, to ensure that you file your returns in a timely and efficient manner, we have compiled a list of the most important things that you should keep in mind while working.
One should be fully prepared before filing ITR. All documents must be accurate and complete. One can make a mistake while filing ITR by entering incomplete and incorrect information sought by the Income Tax Department.
Therefore, before filing ITR, every income tax payer must have income, investment, tax paid, prepaid tax, Form 26AS, various certificates on which deduction will be claimed, information about residential status, related bank accounts. , Must have documents related to property and more.
Things to keep in mind before filing ITR:
Clubbing Income: If any minor child or spouse has any income which is in the hands of the taxpayer, it should be disclosed in the form.
Interest Income from Savings Account and FD: While filing ITR you have to mention all interest income from savings account and FD of bank and post office.
Non-reporting of exempted income: The details of income earned during the previous year have to be filled in the ITR form. However, such income is exempted from tax. One must know that there is a separate schedule for reporting tax-free income in the ITR form.
Correct Bank Account Number: The correct account number has to be entered while filing ITR so that the refund can be done automatically from the Income Tax Department.
Profit on sale of jewellery, paintings and more: Items like jewellery, archaeological collections, sculptures, drawings, paintings are counted as capital assets by the Income Tax Department. Therefore, any monetary gains arising from selling such items should be mentioned in the ITR form.
Income where tax has been deducted: It is necessary to mention all income notwithstanding the fact that tax has already been deducted from such income at the time of filing ITR. All such deductions should be mentioned on the ‘Tax paid’ sheet in the ITR form.
TDS and TCS details: It is necessary to mention the tax credit details as per TDS and TCS certificates while filing ITR.
Deduction for investment claim: It is important for all taxpayers to claim deduction based on investment during the years in section 80C, 80CCC, and 80CCD and section 80D and 80DDB.
The ITR form has to be e-verified within 120 days of filing the ITR. If you fail to do so, a signed copy has to be sent to CPC, Bangalore within 120 days of filing ITR.
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