Income tax return filing FY22: The date for filing income tax return is near. File it early to avoid the hassles of filing returns at the last minute. You can also get tax refund early if you file your return by July 31.
In such a situation, if you have not filed ITR yet, then do it as soon as possible. But, experts also advise to be alert here. Often people make a mistake in filing ITR in a hurry. It is important to keep in mind 8 things in return filing.
It is important to choose the right ITR form
The Income Tax Department has issued several ITR forms. In these, forms have been given according to different categories. You have to choose the form according to your income source. Do not make mistake in choosing ITR form. If there is a mistake here, the department will reject your form and ask you to file a revised return under section 139(5).
Income proof is required
It is very important to give correct information about income in ITR. On this basis your return is filed correctly. Haste or willful misinformation of income can be heavy. Many a times taxpayers do not disclose all the sources of their income. If not, the Income Tax Department can send you a notice. It is necessary to give information like interest from savings account and income from house rent.
Provide all bank account details required
Many a times, even after taxpayers have multiple bank accounts, they give details of only selected bank accounts. In such a situation, their income is not properly assessed. It is not right to do so. It is clear in the rules of income tax that the details of all the bank accounts registered in the name of the taxpayer are mandatory.
Also give details of foreign bank account
Apart from the country, if you have a bank account in any other country, then it is also necessary to give its details in ITR. According to the rules, all taxpayers will have to provide information about bank accounts or any other foreign assets. If you have invested in shares of companies listed in foreign markets or have invested in mutual funds, then this information will also have to be given. There is a provision of notice and penalty in case of default.
Give gift information
According to the rules of income tax, if you have received a gift of more than 50 thousand rupees in a year, then tax will have to be paid on it. It has to be mentioned in ITR filing. There is also a provision for filing a revised return if it is not given or forgotten. But, there is a possibility of getting a notice in case of lapse.
Match income details from Form 26AS
You can get information about your income or TDS deducted from Form 26AS or Tax Credit Statement. It is necessary to give this information in the income tax return. For claiming tax refund, it is necessary that your income details match. Before filing the tax return, match the details of income from Form 26AS and Form 16/16A. In case of any mistake in tax calculation, return will not be filed and there is a possibility of getting notice.
Choose the correct option between new and old regime
Taxpayers get two options to file income tax return. A new option was added from 1st April 2020. By the way, taxpayers choose their tax regime as soon as the financial year starts. But, its selection is also necessary while filing income tax return. ITR will not be filed if the information is not given in the return.
verify tax return
After filing the return, the last step is to verify the ITR. Verification is very important after filing tax return. You can e-verify your tax return from your income tax e-filing portal or can also get it verified by sending it to CPC-Bangalore by speed post.
