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MUST READ: 10 things to know before filing tax return

Last updated on: May 7, 2012 18:03 IST

MUST READ: 10 things to know before filing tax return

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Alok Patnia, Taxmantra.com

Taxpayers scramble to file income tax return only when the due date approaches. This leads to incorrect claims, filing return etc.

Taxmantra has come up with few points which should be kept in mind before filing income tax return. This will enable you to file return without any encumbrances.

Financial year (FY) 2011-12 is over (on March 31, 2012) and every taxpayer should collate all income tax related documents to file inome tax retruns for FY 2011-12. This year, that is, 2012-13 is when your income for 2011-12 will be assessed and hence 2012-13 is called as an assessment year.

Here is a simple to-do list before filing your income tax returns.


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1. Selection of correct income tax return form

For filing income tax return which form to choose is the first and foremost requirements by the assesse. Correct form should be selected & used by the assessee. To know which form YOU should use to file your tax return this year, CLICK HERE.

2. Timely filing

Income tax return filing should be done within the prescribed due date to avoid interest & penalty.

Moreover, timely filing of return ensures faster processing of ITR and quick refunds if any. CLICK HERE to know more.


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3. Required details

Details regarding the name, address, date of birth, father's name, details of bank account, the PAN/GIR details, credit card and other relevant details as required should be filled correctly.

4. Claim deductions

An assessee should claim all deductions and fill all relevant information as required at the time of filing return. If your tax filing misses out on any important information it can result in a higher tax liability of the assessee.

The most common deductions in such respect fall under the section 80C, 80D, 80G and other housing loans.

To know more about these sections to SAVE TAX, CLICK HERE.


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5. Disclose exempt incomes

Exempt income should be disclosed in income tax return even though no tax is required to be paid on the same like dividends, PPF Interest etc.

6. Claim loss return

If there is a loss return, it should be claimed and the return filing should be done within the due date as prescribed u/s 139(1), or else the loss under the specified head will not be carried forward.


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7. Prefer online filing

Assessees should prefer online filing of income tax return instead of manual filing to avail benefits of all the online facilities provided by the IT department.

Here's a five-step guide to filing your income tax returns online.

8. Signing of ITR acknowledgement

Assessees may file ITR with digital signature and in case of filing return without digital signature an ITR-Verification (ITR V) generated after filing of ITR should be signed and posted to the CPC.

CLICK HERE to read what more YOU need to do after filing your tax returns online.


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9. Update your PAN data, if required

Form 49A which is basically the New PAN or changes or correction in PAN data request application form should be filed if there is any change in address before filing return. Moreover, you can make application on the same form for any correction in PAN card data like name, date of birth & father's name.

10. Maintenance of documents as proof

As a proof of having been filed a return with the IT department, an ITR acknowledgement should be collected and retained for future use.


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