Here's a list of things to remember while filing income tax returns this year

Those who are bound by the return filing mandate need to make sure they are filing their return within the due date of July 31.
Non-filing of return within the due date can attract a mandatory fee of Rs.5,000 when return is filed after 31st July 2018 and Rs. 10,000 if filed after 31st December 2018
Non-filing of return within the due date can attract a mandatory fee of Rs.5,000 when return is filed after 31st July 2018 and Rs. 10,000 if filed after 31st December 2018

HYDERABAD: The tax returns season is here and July 31 is the final date for filing the income tax returns for FY 17-18. You must keep yourself updated about any changes in the tax filing norms to ensure that the return filing is error-free.

One big advantage taxpayers have this time is the introduction of e-assessment. The e-assessments will completely eliminate the interface between the assessing officers and taxpayers during assessment proceedings and will bring transparency as well as efficiency into the entire process of I-T assessments.

However, there has been no major change in the return filing process. Online return filing is mandatory for all taxpayers. However, taxpayers aged 80 years and above, and those with an income up to Rs 5 lakhs who have not claimed a refund in the return, can still go ahead with the paper return.

“Those who are bound by the return filing mandate need to make sure they are filing their return within the due date of July 31. This is crucial as this year on, whether there is a tax payable or not, non-filing of return within the due date can attract a mandatory fee of Rs.5,000 when return is filed after 31st July 2018 and Rs. 10,000 if filed after 31st December 2018," stresses Archit Gupta, founder and CEO of ClearTax.

Here are the final checkpoints one needs to look while filing I-T Returns:

1. Correctly understand and ascertain the income slab one falls under for computing taxes

2. Assessors can use e-filing platforms, as it will ease their process a lot

3. Keep updated documents ready such as PAN, Aadhaar / Aadhaar enrollment ID, bank account details

4. Making sure income from all sources is filed in the returns. Even exempt income must be reported

5. Form 16 must be collected from the employer well before filing

6. Reconcile income and TDS details contained in Form 16 with what is contained in Form 26AS

7. Keep all the investment related documents handy

8. Details of all the bank accounts one maintains must be reported in the returns. Details of dormant accounts, those that have remained inoperative for last three years, are not needed

9. Once return is uploaded, one should make sure to e-verify it or send the signed ITR V (return filing acknowledgment) to CPC, Bangalore within 120 days of return filing for processing of return. Failure to do so will be treated as return not filed

10. Don't postpone the filing process till the last date as it will cause unnecessary anxiety and also can lead to mistakes

Don't make these 9 mistakes while filing income tax returns

Here we help you check your preparedness by listing out some common mistakes people often make when filing income tax returns

1. Most common mistake is not verifying tax return after submission

2. Not including income related to TDS appearing in Form 26AS, claiming TDS without corresponding income

3. Not including interest income from savings account

4. Not clubbing of income of minor or spouse

5. Not reporting all bank accounts

6. Not including taxable interest income from sources other than bank

7. Not reporting receipts from LIC, where taxable

8. Not having PAN number of donee in case of 80G deduction

9. Not filing the tax return when there is only interest income from the savings account, especially in case of the spouse. Assuming interest from the savings account is exempt from tax and not required to be reported.

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