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 cannot be carried forward. 

b. Levy of interest under section 234A. 

c. Late filing fees under section 234F is levied for return filed after the due date. The late filing fee of Rs. 5,000 shall be payable if return furnished after the due date. However, the amount of late filing fees to be paid shall be Rs. 1,000, if total income does not exceed Rs. 5 Lakh. 

d. Exemptions under section 10A, section 10B, are not available. 

e. Deduction under 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, are not available. 

f. Deduction under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB is not available. (From A.Y 2018-19) 

2) Taxpayer should download Form 26AS and should confirm actual TDS/TCS/Tax paid. If any discrepancy is observed then suitable action should be taken to reconcile it. 

3) Compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions are to be claimed, books of account and balance sheet and P&L A/c (if applicable), etc. 

4) No documents are to be attached along with the return of income. The taxpayer should identify the correct return form applicable in his case. Carefully provide all the information in the return form. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc. 

5) Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct. 

6) After filling all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income. In case the return is filed electronically without digital signature and without electronic verification code do not forget to post the acknowledgment of filing the return of income at CPC Bangalore within 120 days of filing return of income. 

7) For details on e-filing please log on to https://www.incometax.gov.in



Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more