Filing I-T returns: Dos and don'ts
Filing of income tax returns is ongoing. Taxpayers often resort to professionals to assist them with the process. But with some attention, one can do it on their own. The deadline to file returns for 2016-17 is July 31. Depending on the type of income, you may have to file ITR-1, ITR-2, ITR-3 or ITR-4 Here are some tips that many people miss.
Did you know you can skip e-filing and go the paper way if your income is less than Rs. 5L? This is also applicable for Hindu Undivided Families (HUF) whose total income is below Rs. 5L, and for people aged above 80. However, you have to e-file if you are eligible for a refund. Starting 2016-17, you can also revise belated returns.
It is compulsory to disclose details of all bank accounts, irrespective of whether they are operational or not. If you or your HUF's total income is over Rs. 50L, you have to mention all assets and liabilities, including cost of acquisition etc of all properties.
Before submitting the returns, check and re-check all details; many get rejected just due to incorrect personal details. Be careful while entering TAN details of the employer. Wrong email ID or wrong bank details can result in unnecessary delays in refund. Finally, remember that if you filed returns without linking Aadhaar, the acknowledgement has to be sent to the IT's CPC within 120 days.