10 Things You Need To Know About Filing Income Tax Returns

As you all know that online income tax return filing due date for FY 2018-19 is approaching soon. The due date of online income tax return filing is 30th September 2019 for those whose accounts are required to be audited and 31st July 2019 for others.

You should file your income tax return carefully by selecting appropriate income tax return form applicable to you because improper ITR filing can bring troubles in the form of penalty & notices from the income tax department. You should always take help of professionals for accurate and timely ITR filing to avoid any penalty & notices from the income tax department. You can find the best professionals through our online platform of CAONWEB for services of Online Income Tax Return Filing.

To make things easy for you, we are here explaining 10 things you need to know about filing your Income Tax Returns:

1. Select the correct income tax return form:

A taxpayer must file ITR using the correct income tax return form as if he do ITR filing using the incorrect income tax return form, the return will be considered as defective and he has to file a revised ITR using the correct income tax return form. If the defect is not rectified within the time limit, then it is considered the same as not filing a return at all.

2. Reconcile your Income with Form 26AS:

A taxpayer must check the details of all the income, TDS deducted, advance tax paid, self-assessment tax paid, etc. in Form 26AS and also verify it with Form 16 and Form 16A to avoid any discrepancy in ITR Filing.

3. Disclose the losses which have to carry forward:

A taxpayer must file the income tax return on or before the due date in order to carry forward certain losses incurred during the year for offset against income in future years. If income tax return claiming carry forward of certain current year’s losses is filed after the due date, such losses will not be allowed to carry forward and the same shall lapse.

4. Furnish correct personal details:

A taxpayer must furnish correct personal details and also make sure that in case of any refund bank particulars like account number, IFSC code etc., are accurately mentioned in order to receive the refund on time and without hassles.

5. Report all bank accounts:

A taxpayer is required to report all the bank accounts held by him in the income tax return. However, dormant accounts are excluded from the requirement of reporting in the income tax return.

6. Report interest incomes:

A taxpayer must report all the interest incomes received or accrued due to him in the previous financial year while filing his income tax return as they generally forget to report interest earned from the savings bank account, fixed deposits (FDs), recurring deposits (RDs), etc.

7. Report income from the last job:

If a salaried taxpayer switched his job in a financial year, then the income from his previous job must be reported while filing an income tax return with income from the current job.

8. Report tax-free incomes or exempt income:

A taxpayer must report all his incomes even if some is tax-free. These exempt incomes are to be reported in the 'Exempt Income' schedule of the income tax return.

9. Club income:

A taxpayer must club income of specified persons to his own income and the tax payable by him is calculated on the total of these two incomes. The income of the minor child is added to the income of his/her parent and parent can claim exemption of Rs.1500 or income of minor so clubbed, whichever is less.

10. Pay Advance Tax/ Self-Assessment Tax timely:

A taxpayer must ensure that the tax dues are cleared on or before 31st March of the financial year because failure to do so within due dates will attract interest and penalty.

11. Verify ITR V on time:

After online income tax return filing, a taxpayer must e-verify his return via Net banking, Aadhaar Card or through the EVC process. If due to any reason he is unable to e-verify your return, then he can sign and send the ITR-V to the CPC via ordinary or speed post only within 120 days from e-filing of return.

So, the above mentioned are the 10 things you need to know about filing your Income Tax Returns. To understand in detail about online income tax return filing you can also consult top Chartered accountants in India by using our online ITR filing services through CAONWEB.