Filing Income Tax Return? Precautions you must take while filing ITR – Check all details here
Filing Income Tax Return? Precautions you must take while filing ITR – Check all details here The taxpayers can file the Income Tax Return (ITR) in two ways — online and offline. The process of filing the Income Tax return has become more convenient now. The user can file the Income Tax Return (ITR) in two ways online and offline. The Finance Ministry had extended the date of filing income tax returns for the Assessment Year 2021-22 by two months. Earlier, it was 31 July 2021, but now one can file till 30 September 2021. The followings are the important precautions that one should be kept in mind while filing the return of income: 1) The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated returns. Following are the consequences of delay in filing the return of income/ Loss (other than the house property loss): a. Losses can...