Income tax returns are going to be filed, so keep these things in mind, there will be no financial loss

New Delhi, Business Desk. If you are going to file Income Tax Return (ITR) for the financial year 2019-2020 or assessment year 2020-21, then it is very important for you to consider a few things. These include the confirmation of its details from the recently introduced revised Form 26AS, among other things. In this case, tax and investment expert Balwant Jain says that in the context of filling the ITR, the choice of the right form comes first. It is noteworthy that the Income Tax Department issues separate ITR forms for different categories of taxpayers. For example, individual taxpayers with salary up to Rs 50 lakh from a house and other sources, and income up to five thousand rupees from agriculture, fill the ITR-1 or Sahaj form. At the same time, a person or Hindu undivided family who does not have any kind of income from business or profession, fills the ITR-2 form. 

However, Jain insisted that individual taxpayers should refrain from filing income tax returns on their own. The Jain people should fill their income tax return through a qualified CA, as many technical things have to be kept in mind while filling the ITR.   

Form 26AS is required to be verified

Jain said that the recently revised Form 26AS has been issued. The new Form 26AS contains more details than before. He said that it is very important to verify the details recorded in Form 26AS. Form 26AS contains detailed details of the tax deduction made by the employer of the taxpayer as well as the tenant and other business partners.  

Also Read: SBI FD: SBI FD account can be opened online from home, this is the process

Verify Form 16 / 16A

Due to Kovid-19 this year, the deadline has been extended for various things. It is very possible that you have not received your Form 16 or Form 16A. However, while filling the income tax return, it is very important to keep in mind that the information given in this form is completely correct. In this, you should confirm that your PAN is correct in the Form-16 issued by your employer. Also, verification of all types of exams is also necessary.  

Keep a close watch on basic things

Jain said that while filing the income tax return, it is very important to have the correct details along with the details of the financial transactions. He said that in today’s time the Income Tax Department is doing any kind of communication through email. In this case, your PAN number, email ID, mobile number, bank account details and address in the ITR should be correct.  

Documents related to saving

If you are showing savings in such funds, which are exempted from income tax, then you should have documents related to it. For example, you should have documents such as details of investment in ELSS fund, receipt of insurance premium deposited, statement of home loan or education loan.