You need to avoid these 6 common errors or mistakes while filing Income Tax Returns for FY21-22 online.
Have you filed your Income Tax Returns (ITR) for the financial year 2021-2022 (FY21-22)? ITR can be filed online by visiting the official website of Income Tax Department. It can be noted that for the individual taxpayers, to whom tax audit is not applicable, the due date to file ITR for FY 2021-22 is July 31, 2022. You are advised to file the returns prior to the last date in order to check each and every detail twice to avoid any kind of errors or mistakes.
Also, while filing the ITR, you also need to keep certain documents handy like copy of PAN card, copy of Aadhaar card, bank statement / bank passbook. Also, the documents required depend on the tax you are eligible to pay. The documents you will need to file your ITR are: Form 16, salary slips, Form 16A, among others. Now coming to the errors you need to avoid, the official website of the Income Tax Department has informed about the same. Check the list below:
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6 mistakes to avoid while filing Income Tax Returns for FY21-22
1) 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):
a. Losses cannot be carried forward.
b. Levy of interest under section 234A.
c. Late filing fees under section 234F is levied for return filed after due date. Late filing fee of Rs. 5,000 shall be payable if return furnished after due date. However amount of late filing fees to be paid shall be Rs. 1,000, if total income does not exceed Rs. 5 Lakh.
d. Exemptions under section 10A, section 10B, are not available.
e. Deduction under 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, are not available.
f. Deduction under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB are not available. (From A.Y 2018-19)
2) 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.
3) Compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions is to be claimed, books of account and balance sheet and P&L A/c (if applicable), etc.
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4) No documents are to be attached along with the return of income. The taxpayer should identify the correct return form applicable in his case. Carefully provide all the information in the return form. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.
5) Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
6) After filling all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income. In case return is filed electronically without digital signature and without electronic verification code do not forget to post the acknowledgment of filing the return of income at CPC Bangalore within 120 days of filing return of income.