,
The followings are the important steps/points/precautions to be kept in mind while filing the return of income:
1) The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practise of filing belated return.
Following are the
consequences of delay in filing the return of income/ Loss (other than the 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 from A.Y 2018-19
onwards. A late filing fee of Rs. 5,000 shall be payable if return furnished after the due date but before 31st December of the assessment year. In other cases, late
filing fees of Rs. 10,000 is payable. However, the amount of late filing fees to be
paid cannot exceed 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 are to be claimed, books of account and balance sheet and P&L A/c (if applicable), etc.
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.
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 the 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 within 120 days of filing return of income.
Article By: Ms Bhavya Sharma, a Practising Company Secretary from Delhi. In case, you need any assistance in filing of an income tax return you can connect with us. You can contact us at legal@bhavyasharmaandassociates.com or visit www.bhavyasharmaandassociates.com
Disclaimer: Although due care and diligence have been taken in preparation and uploading this Article, Bhavya Sharma & Associate shall not be responsible for any loss or damage, resulting from any action taken on the basis of the contents of this Article. Anyone wishing to act on the basis of the material contained herein should do so after cross-checking with the circulars, notifications, applicable acts, the press release issued by the concerned department or seek appropriate counsel for their situation. Source: Income Tax Act, 1961
0 Comments