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Income tax can be filed free of cost till 31st July 2024. If you are going to file IT return then know some things to keep in mind while filing ITR.
What is the rule of Income Tax Department?
According to the rules of the Income Tax Department, if you give any wrong information while filing income tax return or hide the source of income or any information related to it, then the Income Tax Department can send you a notice and can also take action. There is a provision ranging from fine to imprisonment if you are found guilty in this process. In such a situation, if you are also filing income tax return, then do not make the mistakes mentioned here.
Do not make these mistakes while filing ITR:
1. Select the appropriate ITR form-
Select the appropriate ITR form while filing ITR. Choose the ITR form based on your income and source of income because if you file the wrong ITR form you may have to pay a penalty.
2. Provide correct personal information
Provide your personal details accurately while filing ITR. Fill all the details correctly like your name, PAN card details, Aadhaar card details, bank account details, home address etc. Nowadays all the information is kept safe with the department through some document or the other. In such a situation, one mistake of yours can put you in big trouble.
3. Provide complete information about income
While filing income tax return, give correct information about your income and source of income. It is mandatory to give detailed information about your salary, interest received from any source, rental income, capital gains and any other income and its source. If you hide any income or source, you may have to pay a penalty.
4. Provide information about TDS credit
Make sure to show all the TDS details from Form 16/16A issued by your company in your ITR form. If you hide it you can be prosecuted.
5. Provide correct investment information
To avail tax benefits under Income Tax Act 80C, 80D, 80G, you must provide complete details of all your investments like SIP, FD, policies along with your expenses and deductions.
6. Provide information about interest income
If you have made investments where you are getting interest income, then give full details of this as well. If you hide this information or give wrong information, you can be prosecuted.
7. Matching of Form 26AS is mandatory
While filing ITR, please match the information given with Form 26AS. Actually, Form 26AS contains your tax payment, TDS and other information related to income tax.
8. Keep proof of your income and investments
Keep all the documents, receipts or any kind of evidence related to the information given while filing income tax return such as your income, source of income, any kind of investment, tax deduction, rent and interest income with you. So that you have all the evidence with you if needed in further investigation.
9. File ITR on time
The Income Tax Department gives a certain deadline for filing ITR for every financial year. While filing income tax returns, keep in mind that by filing ITR on time, you may have to change your ITR form before the due date. Not only this, if you file ITR late, you may also have to pay a penalty and late fee.
10. Make sure to verify your ITR
After filing ITR, verify it on time. Keep in mind that if the ITR is not verified, your ITR filing will be invalid. After filing ITR online, it is mandatory to verify it electronically through net banking or Aadhaar etc. within the prescribed limit or send a physical copy of your ITR with signature to the Income Tax Department.