It is necessary to be aware of all the deductions, and sections and to keep all supporting documents handy while filing ITR.
Income Tax News: For a hassle-free experience while filing the ITR (Income tax return) one must always pay attention to every single-minute detail. According to a Business Today report, one should pay attention in tax regimes, deductions and benefits changing every year.
Vikas Dahiya, Director of All India ITR, while talking to Business Today said, “Filing an income tax return is not a cakewalk for everyone”. “For many people not familiar with the taxation policy and schemes, it is a very complex and tedious process and that’s why they seek assistance from professionals to file their income tax return”
Key essential points for filing income tax returns
According to a Business Today report, these are some key points for error-free e-filing of tax returns:
1. There are different ITR forms for different taxable persons like salaried, self-employed and so on, the person needs to select the right ITR form.
2. Accurate personal information: It is essential to fill in the details in the form very carefully since any error in personal details like PAN number, Name and address can lead to rejection
3. Correct bank account details: The applicant should re-check all the bank details to be eligible for any refunds that may be directed to his/her bank account.
Read More: Income Tax Return: Filing wrong ITR form may cost you dearly – 5 key changes you must know
4. Transparent income reporting: Contrary to normal thinking, one must declare their income across various sources which include capital gains, rent and even gifts.
5. Exemptions and deductions: It is necessary to be aware of all the deductions, and sections and to keep all supporting documents handy while filing ITR.
6. Verification of ITR: After filing the ITR, make sure to verify it. This can be easily done via electronic verification (EVC) or you can send a signed physical copy of your return to the CPC, Bengaluru.
