Income tax return: Avoid these common errors while filing your returns

| July 24, 2012 | Reply

Your date, a crucial one, with the tax authorities is just a week away. You have to file your taxes and file the returns before July 31. Sure, you can outsource the task to your tax consultant.

However, if you prefer doing it yourself, go ahead. Take it from us, the process is not as complicated as it is made out to be. But do ensure that you avoid the following mistakes while filing returns – be it online or offline:

Not filing online returns if you earn over 10 lakh

Don’t continue with your practice of dumping the task of filing returns to your neighbourhood help, who acts as your investment advisor and tax consultant. Make sure that you (or your help) file your returns online if your gross total income is more than 10 lakh. It is a must to file returns online if your income exceeds this figure.

You will have to log on to www.incometaxindiaefiling.gov.in and register yourself with your PAN. It will act as your User ID. Thereafter, you can follow the instructions mentioned on the website to complete the process yourself or seek an expert’s help.

Selecting the wrong ITR form

It is imperative that you select and fill the ITR form applicable to you. For instance, if you are a salaried individual or a pensioner with income from one house property or interest earnings, opt for ITR-1 (Sahaj). The e-filing site provides a detailed explanation about the relevant forms to be chosen.

Make sure that you download or print the one meant for you. “(In case of physical filing) fill up the form without any overwriting, deletion or edits. Ensure that you write one character in a box – else it may not be legible under the scanner,” says Rajesh Srinivasan, partner, tax, Deloitte Haskins & Sells.

Providing incorrect details

Do not fill up the form in a hurry even if you are filing returns at the last minute as it could result in erroneous details on the form. This includes your personal information, PAN, e-mail ID, bank account number and MICR code.

“Note that in case of e-filing of returns, the furnishing of bank account particulars is mandatory even if no refund is due. In case of refund, it is advisable to go for e-filing of returns to ensure faster processing,” says Suresh Surana, founder, RSM Astute Consulting. Also, make sure that you upload the form as per the correct assessment year (AY). The AY applicable this time would be 2012-13.

Courtesy: TOI

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Category: Finance Ministry, Income Tax

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