What precautions should be taken while filing I-T return?

11 July 2018: While filing the Income tax return following are the precautions taken by every Taxpayer

While filing the Income-tax returns, following are the precautions that must be taken by every Taxpayer

1.       First and foremost precaution that every taxpayer should keep in mind is that income tax must be paid on or before the due date.

2.       Next Thing to keep in mind is to choose the right income tax form. Income tax form is different for every different income group. Like if your income is Less than Rs.50,000 then you need to fill ITR1. If your income is more than that, then you need to fill the form accordingly.

3.       A taxpayer must record the Income from all the sources. Do not miss out anything.

4.       Provide all the details accurately. Details of PAN Card, Aadhaar card, Email address and bank details should be entered correctly.

5.       A taxpayer should download Form 26AS and check the details of TDS.

6.       The taxpayer needs to disclose all the earnings and savings. Saving up to Rs 10,000 is tax-free

7.       Do not forget to post the acknowledgment of filing the return of income at CPC Bangalore.

8.       The documents must be arranged and organized carefully while filing an I-T return for which deductions are to be claimed, like bank statement/passbook, interest certificate, investment proofs, books of account and balance sheet and P/L A/c (if applicable), etc. No documents are to be attached along with I-T return.

9.       If your income is above Rs 50 lakh then don't forget to declare your assets and liabilities.

10.   When you change your job, it will impact your income tax returns. So remember to declare your income for both the jobs.

It is very easy to file Income tax return if you follow the above guidelines. So be careful while filing your returns