The government has recently extended the date of filing ITR from July 31 to September 30, 2021. However, it is of utmost importance to take precautions while filing the income tax return in order to avoid any kind of mistake.
Income tax return (ITR) is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department.
Recently the government has extended the date of filing ITR from July 31 to September 30, 2021. A person can file the returns in two ways that is online by visiting the official website of the income tax department and offline.
However, it is of utmost importance to take precautions while filing the income tax return in order to avoid any kind of mistake.
Here are some important points or precautions to be kept in mind:
1. The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated return or else they will have to face the following consequences:
a . Losses cannot be carried forward.
b. Levy of interest under section 234A.
c. Late filing fees under section 234F is levied for return filed after due date. Late filing fee of Rs 5,000 shall be payable if return furnished after due date. However, amount of late filing fees to be paid shall be Rs 1,000, if total income does not exceed Rs 5 Lakh.
d. Exemptions under section 10A, section 10B, are not available.
e. Deduction under 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, are not available.
f. Deduction under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB is not available. (From A.Y 2018-19)
2. Taxpayer should download Form 26AS and should confirm actual TDS/TCS/Tax paid. If any discrepancy is observed, then suitable action should be taken to reconcile it.
3. Compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions is to be claimed, books of account and balance sheet and P&L A/c (if applicable), etc.
4. No documents are to be attached along with the return of income. The taxpayer should identify the correct return form applicable in his case. Carefully provide all the information in the return form. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.
5. Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
6. After filling all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income. In case return is filed electronically without digital signature and without electronic verification code do not forget to post the acknowledgement of filing the return of income at CPC Bangalore within 120 days of filing return of income.
For further details taxpayers are advised to visit the official website of Income Tax Department at https://www.incometax.gov.in/.
