ITR Filing: The Income Tax Department has made the process of filing returns easy. But, it is very important for taxpayers to provide correct information in the ITR form. Filling incorrect information can lead to the Income Tax Department declaring your return as defective
ITR Filing: The deadline for filing Income Tax Return (ITR) is near. Experts say that taxpayers should not wait for the last date i.e. 31st July to file returns. There is a possibility of making mistakes in filing returns at the last moment. Secondly, increased traffic on the e-filing portal causes problems. To avoid this, this is the best time to file returns.
Entering wrong information in the form can make the return defective
Now filing Income Tax Return has become quite easy. You have to log in to the official website of the Income Tax Department. Before doing this, you need to collect some documents. This will enable you to fill the correct information in the Income Tax Return, so that there will be no fear of your form being rejected. If you are a salaried taxpayer then Form-16 is the most important. Your employer must have uploaded it on the Employees Website. You have to download it from there.
Collect these documents including Form-16, AIS and 26AS
It will be good to collect documents like bank TDS certificates, bank account statement, Form 26AS, Annual Information Statement (AIS) in advance. If you have worked abroad, then you will also need a foreign bank account statement. If you have invested abroad, then you also need a transaction statement for that. If you have paid tax abroad and want to claim its credit, then Form 67 is necessary. However, you will be able to claim this credit only when the country where the tax has been paid has an agreement with India to avoid double taxation.
There should be no mismatch in the data of Form-16, AIS and 26S
If your income is more than Rs 50 lakh and you want to use ITR-1 to file returns, then details of your assets and liabilities will also be required. It is important to keep in mind that while submitting the return, you do not have to attach any document with your ITR form. These documents are necessary only so that there is no mismatch in the data of Form-16, Form 26AS and AIS. In case of mismatch, the Income Tax Department can ask you questions. If you already have all the documents, you will not face any problem in answering them.
These proofs are necessary for Section 80C, 80D and 80CCD (1B)
If you have invested in ELSS of mutual funds, then you should have its statement. If you invest in National Pension System, then you should have proof of contribution. You should have the receipt of life insurance premium payment. If you have bought a health policy, then it is also necessary to keep proof of its premium payment.
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