The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing the return of income :
- Loss (other than house property loss) cannot be carried forward.
- Levy of interest under section 234A.
- Penalty of Rs. 5,000 under section 271F can be levied.
- Exemptions/deductions under section 10A, section 10B, 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE are not available.
- Belated return cannot be revised under section 139(5).
2. Fill Income Tax return after Checking 26AS from Traces
- Taxpayer should download Form 26AS and should confirm actual TDS/TCS/Tax paid. If any discrepancy is observed then suitable action should be taken to reconcile it.
- Taxpayer should ensure that all the income reflected in the 26AS has been duly reported / considered in the income tax return.
- The link is available “View 26AS” when you login to www.incometaxindiaefiling.gov.in
3. Fill Income Tax return after considering all the relevant documents
- Compile and carefully study the documents to be used while filing the return of income like
- bank statement/passbook,
- Salary certificate , Form No 16
- TDS Certificate (form No 16A issued by banks, deductor of TDS )
- Interest certificates
- Investment proofs for which deductions is to be claimed,
- Property sale, purchase documents
- books of account and balance sheet and P/L A/c (if applicable), etc.
- No documents are to be attached along with the return of income.
4. Fill Income Tax return in correct Income tax Return Form (ITR Form)
- The taxpayer should identify the correct return form applicable in his case.
- These forms are available at www.incometaxindiaefiling.gov.in
- Carefully provide all the information in the return form.
5. Fill Income Tax return with due care after Checking Calculations and information
- Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.
- If any tax is payable as per the return of income, then the same should be paid before filing the return of income, otherwise return would be treated as defective return.
- Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
6. Fill Income Tax return and do electronic verification
If income tax return is not filed with digital signature than person need to do electronic verification of the return after uploading on www.incometaxindiaefiling.gov.in
7. Fill Income Tax return and send acknowledgement to CPC Bangalore
In case return is filed electronically without digital signature and without electronic verification code do not forget to post the acknowledgement of filing the return of income at CPC Bangalore