ITR for the financial years 2018-19 and 2019-20 has to be filled by November 30, you must give the correct information of your income.
In the Corona era, the central government has extended the deadline to file income tax returns for the financial years 2018-19 and 2019-2020 till November 30, giving relief to taxpayers. In this case, if you have not yet filed the return, then fill it as soon as possible. But there may be some inadvertent mistakes while filing returns. Making these mistakes can cost you dearly. In this case, you should be careful while filing ITR. CA Abhay Sharma (Former Chairman Indore Chartered Accountant) should tell you 7 things that you should keep in mind while filing your income tax return.
1. Choose the correct ITR form
The Income Tax Department has prescribed several ITR forms. You have to choose your ITR form carefully based on the means of your income, otherwise, the Income Tax Department will reject it and you will be asked to file the revised return under section 139 (5) of Income Tax.
2. Give correct information of income
Always give correct information about your income. If you do not know all the sources of your income intentionally or accidentally, then you can get notice of the Income Tax Department. Information such as savings account interest and house rent income is also to be provided. Because these incomes also come under the tax net.
3. Do not give wrong information of exempted income and tax-free income
The ITR form consists of several columns where the details of rebate on agricultural income, dividend, long term capital gains are to be given in separate columns. Here, give information about exempted income and tax-free income. People resort to fake discounts to avoid tax. If you have shown any fake exemption in your ITR, then you believe that at present, you are in the eyes of the Income Tax Department and action can be taken against you.
4. Be sure to download Form 26AS and match your income to it
Form 26AS or tax credit statement gives all the information about payment of TDS deducted on your income. Do check it before claiming your tax refund. The taxpayer is asked to combine income from Form 26AS and Form 16 / 16A before filing his income tax return. This will protect you from any kind of mistake in tax calculation, which will enable you to file a correct tax return.
5. Verify tax return
Many people feel that their work is over after filing the tax return, but you have to verify it after filing the tax return. You can e-verify your tax return from the e-filing portal of your income tax or verify it by sending CPC-Bengaluru.
6. Give correct personal information
Fill all your information in the correct ITR form. Keep in mind that information like the spelling of your name, full address, email, a contact number should be same in your PAN, ITR and Aadhaar. Enter the mobile number on which SMS can come. You will find it difficult to get a refund if you give incorrect information. Incorrect information may cost you dearly.
7. Do not delay in filing income tax return
Taxpayers often forget to file at ITR time. More time is required to file ITR, so do not try to fill it at the last minute. Please file the returns in time. This way you can protect yourself from the penalty.