Things to take care of while filing your income tax returns

Earning more than Rs 2.5 lakh, e-filing is must and today is the last day for tax-return filing. In the last moment rush you must sit down with all required documents before filing your returns. 

Five things to take care of while filing your tax returns

Form 16 — If you are a salaried employee get hold of Form 16 from your company as it is must for filing your returns. While filing the numbers one should be careful. If you are filing from an alternative site which auto-fills the numbers, you should cross check the figures. Many times we tend to make mistakes while filing the break-up correctly and incorrectly report are PF and HRA deductions.

Forms to fill —  The Central Board of Direct Taxes (CDBT) has made amendments in the forms but more important is which form to fill as there are seven ITR forms for current assessment year. ITR-2 has replaced ITR-2, ITR-2A and ITR-3 and ITR- and ITR-4S (Sugam) has been renumbered as ITR-3 and ITR-4.

Also Read: Income tax returns deadline nears, technical snag hits site

ITR-1 is for people who are salaried, have a house property and whose total income is up to Rs50 Lakh. While, ITR-2 is for individuals and Hindu undivided families not carrying out business and profession under any proprietorship. If your are an individual having income from a proprietary business or profession then your form is ITR 3.

Mandatory disclosures — If you have deposited Rs 2 Lakhs or more in a bank account during the demonetisation period then you make sure you give details in the form regarding the amount of money deposited and details of bank account including the IFSC code and branch.

Also Read: I-T department says no plans to extend last date of filing ITR; deadline remains July 31

Declaring income sources — If you income other than salary you have to declare all the sources as the IT sleuths have become vigilant and a notice might be served if you fail to do. Income from other sources include taxable dividends, income from securities by way of interest, pensions, lottery or gambling wins. Having a second house mention it in the form.

Verifying the filing — Most important part of tax-filing is to ensure ITR-V reaches the department on time. One can mail the ITR-V to the CPC in Bengaluru or e-verify by linking your Aadhaar. To verify it through Aadhaar, one will have to first link your Aadhaar number with Pan Card.