Here are 5 important things you must keep in mind:
* Submit all Form 16: If you have changed jobs, ensure that you collect the Form 16 from the past employer as well. There is a good possibility that your past employer too has deducted tax, which means you could have paid extra tax. Hence, you might just be eligible for a refund if you submit all the relevant Form 16 documents.
* Be careful with email address: Never use your office email address on the ITR form. If you change jobs in the future, you will not have access to that email address. Giving your office email ID on ITR form is one of the dumbest mistakes you could ever make.
* Submit all information regarding income from other sources information: It becomes imperative that you declare all the income you earn even from other sources like capital gains even if such income is not taxable.
Also, mention income from other sources, right from sale of house property as well as rental income.
Ensure, you collect all the relevant documents for financial institution well in advance, to avoid last minute hassle.
* Sending e-filing acknowledgement on time: Once you file the returns, you get an ITR -V acknowledge, which you need to submit to the IT department’s Bangalore office within 120 days.
First mistake many make is that they forget to send the ITR V acknowledgement within the deadline.
Another thing you need to keep in mind that you need to send it via post or speed post and not courier.
And thirdly, you need to sign the acknowledge in blue ink and not black.
* Double check numbers: If your agent is filing the form for you, ensure you check it before submitting. Even spelling mistake could cost you later. Next is to ensure there are no typos, especially in the PAN, TAN number. There is a good possibility you could be fined for a wrong entry. So double check all numbers once before submitting the form online. Even the IFSC number of your bank, if you are expecting a refund.
These are just a few things you need to keep in mind for error free online filing of returns.
IT department is getting stricter by the day. So ensure that you do the e-filing of return carefully.
From India, Ahmadabad
34* Submit all Form 16: If you have changed jobs, ensure that you collect the Form 16 from the past employer as well. There is a good possibility that your past employer too has deducted tax, which means you could have paid extra tax. Hence, you might just be eligible for a refund if you submit all the relevant Form 16 documents.
* Be careful with email address: Never use your office email address on the ITR form. If you change jobs in the future, you will not have access to that email address. Giving your office email ID on ITR form is one of the dumbest mistakes you could ever make.
* Submit all information regarding income from other sources information: It becomes imperative that you declare all the income you earn even from other sources like capital gains even if such income is not taxable.
Also, mention income from other sources, right from sale of house property as well as rental income.
Ensure, you collect all the relevant documents for financial institution well in advance, to avoid last minute hassle.
* Sending e-filing acknowledgement on time: Once you file the returns, you get an ITR -V acknowledge, which you need to submit to the IT department’s Bangalore office within 120 days.
First mistake many make is that they forget to send the ITR V acknowledgement within the deadline.
Another thing you need to keep in mind that you need to send it via post or speed post and not courier.
And thirdly, you need to sign the acknowledge in blue ink and not black.
* Double check numbers: If your agent is filing the form for you, ensure you check it before submitting. Even spelling mistake could cost you later. Next is to ensure there are no typos, especially in the PAN, TAN number. There is a good possibility you could be fined for a wrong entry. So double check all numbers once before submitting the form online. Even the IFSC number of your bank, if you are expecting a refund.
These are just a few things you need to keep in mind for error free online filing of returns.
IT department is getting stricter by the day. So ensure that you do the e-filing of return carefully.
From India, Ahmadabad
Dear Sagar ji,
I appreciate your sharing.
Form 12B, have you missed out it or is dropped by amendment in Act? IT is not my subject. But I happen to know it that this form is to be submitted to new employer joined in between the year and on this basis new employer has to give proper treatement of TDS. Kindly clarify.
From India, Mumbai
I appreciate your sharing.
Form 12B, have you missed out it or is dropped by amendment in Act? IT is not my subject. But I happen to know it that this form is to be submitted to new employer joined in between the year and on this basis new employer has to give proper treatement of TDS. Kindly clarify.
From India, Mumbai
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Presentation on filing of Income Tax Return.ppt
Income Tax Return Form.pdf