File on time and keep your documents safe even after filing in case your ITR is scrutinised later on
Income Tax News : The deadline for filing your income tax returns for the FY 2016-17 is the 31st July, 2018. It is, therefore, necessary that all taxpayers be aware of the essential dos and don’ts of tax filing so that they can avoid last-minute errors.
Take a look at our list below:
DO’s
1. Organize
It is important to keep your documents ready at the go. For filing, you will need all your old tax receipts, receipts of income and investments, Form 26AS, Form 16 etc. Keep these documents handy when filing for a quicker process; and also remember to keep them safe after you are done filling out the form online. You might need them in case your return is called out for scrutiny later.
2. Check your calculation
Go over your tax documents and do your calculations. Then, go over your math once again to ensure that all your calculations are correct. If you want help, you can always turn to an expert who will help you check your calculations and ensure accuracy. Besides, e-filing is highly recommended since that itself eliminates the chance of error. Those with income in excess of Rs 500,000 or those seeking a refund, must mandatorily e-file.
3. Report all your income
It is important to disclose all income that you earn from all sources, irrespective of whether the income is taxable or exempt. Not disclosing information can lead to legal consequences later on, and it would be wiser to be honest while filing.
4. Verify ITR after e-filing
After you have successfully e-filed your income tax return, you should e-verify your ITR-V via Netbanking, Aadhaar Card or through the EVC process on your mobile number and email. This is important because the IT department will start processing your returns post receiving the verification. Alternatively, you can sign and send the ITR-V to the CPC (via ordinary or speed post only). This has to be done within 120 days from the date of e-filing of tax return.
No comments:
Post a Comment