Income Tax return filing has now turn out to be a hassle-free course of and customers can simply file the Income Tax Return (ITR) in on-line and offline methods.
The Finance Ministry had additional prolonged the date of filing revenue tax returns for the Assessment Year 2021-22 by two months, i.e. postponed from July 31, 2021 to September 30, 2021.
Meanwhile, it is necessary to know all the precautions earlier than filing the ITR:
1) File the return of revenue on or earlier than the due date and late filing should be averted as there might be big penalties:
a. Losses can’t be carried ahead.
b. Levy of curiosity underneath part 234A.
c. Late filing charges underneath part 234F is levied which might be Rs. 5,000 shall be payable if return furnished after the due date. However, the quantity of late filing charges to be paid shall be Rs. 1,000, if complete revenue doesn’t exceed Rs. 5 Lakh.
d. Exemptions underneath part 10A, part 10B, aren’t obtainable.
e. Deduction underneath 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, aren’t obtainable.
f. Deduction underneath 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB shouldn’t be obtainable. (From A.Y 2018-19).
2) It is necessary for taxpayers to obtain Form 26AS and provides precise TDS/TCS/Tax paid. Necessary actions will likely be taken if any discrepancy is discovered.
3) It is due to this fact vital to compile and punctiliously examine the paperwork to be used while filing the return of revenue like financial institution assertion/passbook, curiosity certificates, funding proofs for which deductions are to be claimed, books of account and stability sheet and P&L A/c (if relevant), and so on.
4) No paperwork shall be hooked up together with the return of revenue and the taxpayer ought to give you the option to test the right return kind relevant in his case after which give correct info and additional verify the calculation of complete revenue, deductions (if any), curiosity (if any), tax legal responsibility/refund, and so on.
5) Notably, different particulars like PAN, tackle, e-mail tackle, checking account particulars, and so on also needs to be right.
6) For particulars on e-filing please go browsing to https://www.incometax.gov.in
#mute
