Filing income Tax return : 7 Golden Rule before Filing Income tax Return

Thu, 11 Jul 2019 08:48:01 +0000

filing income Tax return : 7 Golden Rule before Filing Income tax

1. Give Right information - As a responsible taxpayer, you should take care to disclose all taxable income along with relevant details since there are multiple consequences of failing to file the same accurately.

2 . Check 26 AS- The Government has passed several notices for the linking of AADHAAR card with PAN. You can do the necessary on an e-filing website and this information also needs to be mentioned in your ITR form

3. File Income Tax return Before Due date – if you are not filing income tax return before due date there are following disadvantage:

a. Pay penalty
b. Can’t I carry forward losses if I file late return

c. Cant you revise late return

4. Link Your PAN – if you Aadhar is not link with Pan you can’t upload your income tax return
5. Verify your return on time - Income tax returns (ITR) filing process, an individual is required to verify the return filed by him. The return must be verified within 120 days of filing. Verification can be done digitally (using Aadhaar, one-time password etc.) or by sending the physical copy of ITR-V to the Central Processing Centre, Bengaluru, of the income tax department.

6. Claim Right deduction
7. Mention your Correct bank details

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