Income Tax Return Filing Alert: Taxpayers, here’s an important update for you if you are filing ITR this year before September 30. It is crucial to know basic things while filing ITR on or before the due date. Your ITR filing will be treated as invalid if you file with incorrect information or incomplete details. Even, you will have to pay a penalty for filing ITR with wrong information. Hence, you need to file your ITR correctly and with accurate information. Therefore, the individual should keep all the required documents handy in advance and be ready with up-to-date information. You must take care of following things while filing ITR:Also Read - Income Tax Return Refund: CBDT Issues Rs 75,111 Crore; Direct Link To Check Status
Income must be clubbed: While filing TR, you must disclose the income of a minor child or spouse if it is clubbed in the hands of the taxpayer. In many cases, most people forget to disclose such incomes. In those cases, they may receive a notice from the Income Tax Department. Also Read - Aadhaar Authentication Made Mandatory For Claiming GST Refund. All You Need to Know
Income from Savings Account and FDs: While filing ITR, the taxpayers need to disclose the income they have received from the interest in the savings account and FDs with bank and post office in schedule OS (Income from other sources) and then claim deduction under section 80TTA (up to Rs.10000) or 80TTB (up to Rs. 50,000 in case of senior citizen) as applicable. Also Read - Income Tax Return Alert: These Taxpayers Will Not Pay Late Fee Even If They Miss Deadline
Tax-exempt income: The taxpayers need to mention in the ITR form the incomes earned during the previous year, notwithstanding the fact that such income is exempt from tax. They must note that there is a schedule for reporting tax-exempt income in the ITR form. If you fail to report this part, then you may receive notice from the Income Tax department.
Accurate Account Number: You must mention the accurate account number while filing the ITR as the refund will be credited automatically by the Income Tax Department to the account number mentioned in the ITR form. You may not get a refund if your account number is wrongly mentioned in the ITR form.
Details of the TDS & TCS: Last but not the least, you need to mention the details about the TDS and TCS in the ITR form.