Indian Stock Market Tips, Top 6 points to check before you file your IT returns
The I-T department has notified several new tax return forms which are applicable for the financial year 2017–18.
July is coming to an end. You need to gear up if you have not filed your ITR as yet. Besides taking professional help, one can file ITR on their own. The process is simple. However, you need to consider a few points before filing income tax return. Also this year, the I-T department has notified several new tax return forms which are applicable for the financial year 2017–18. Hence, if you are ready to file your ITR, consider these ten things before you proceed further to claim your tax returns.
1) Select the correct ITR Form: There are 7 ITR Forms and you have to choose the form depending on your income. If you select the wrong ITR Form, the income tax return filing will be rejected by the tax department.
2) Furnish personal details properly: You must furnish PAN, Email ID, Contact Number, Bank Account Number and IFSC code accurately to avoid rejection of ITR Filing. If you provide the wrong PAN, there will be a data mismatch leading to the rejection of e-filing.
3) Mention all sources of income: You may not care to mention tax-exempted amounts, but it’s good to mention both taxable and non-taxable income. If you do not mention all income, the tax department calls this ‘concealment of income’. You could get an Income Tax Notice.
4) Claim deductions under the appropriate Section: If you claim deductions under the wrong sections, you would land up with more tax liabilities. If you have made investments which enjoy tax benefits and fail to mention them when filing ITR, you pay a higher tax.
5) Check Form 16 and Form 26AS for any mismatch: Form 26 AS gives details of TDS deducted by employer/bank, advance taxes paid and even self-assessment tax. If you are a salaried employee, check income and tax details in the Form 16 vis-à-vis Form 26AS for a mismatch. Not doing so could mean paying higher taxes or a lesser refund and in the worst case scenario, a tax notice.
6) Your TDS is deducted more than once: This usually happens when you change jobs in a Financial Year. Your first employer has deducted TDS and deposited taxes with the tax department depending on income earned. The second employer could also deduct TDS for the same financial year, not knowing about the earlier deduction in the first job. Share TDS details with the new employer to avoid double deductions.
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