The last date for filing the income tax returns (ITR) for the financial year 2019-20 is January 10. It is mandatory for people who earn a specified amount of annual income to file ITR. Filing the income tax return after the due date, which is January 10 in this case, will attract penalties from the I-T department.
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While filing ITR is an annual affair, many taxpayers may not have filed it yet due to unavoidable circumstances.
Here’s a last-minute checklist to ensure an error-free ITR filing experience:
Choose the relevant ITR form
There are different forms prescribed for different types of taxpayers. For example, ITR-1 is applicable only for resident individuals having income up to Rs 50 lakh and only for those having income from salary, one house property and other sources. Similarly, there is ITR-3 which is applicable for income from business or profession and ITR-4 for the presumptive method of taxation such as for freelancers.
Taxpayers should be careful while choosing the ITR form. A wrong form can render the tax return filed defective.
Arrange all documents required
ITR filing requires documents like Aadhaar card, PAN card, tax-saving investment proofs, form 16, form 26AS, rent receipts, proofs to claim deductions under Section 80D, home loan statements, bank account details, etc.
Match tax details with Form 26AS
Taxpayers can download Form 26AS from the TRACES website.
According to Paisabazaar, the amount mentioned in the TDS certificate must match with the entries made in Form 26AS to ensure that the tax deducted is also deposited with the government.
Verify returns
It is mandatory for the taxpayers to verify the return after filing it or else it is rendered as incomplete or valid.
I-T department offers five ways for verification of an ITR: net banking, bank ATM, Aadhaar OTP, bank account and demat account.