4 Important Points to be remembered while Filing Income Tax Returns

4 Important Points to be remembered while Filing Income Tax Returns

The income tax department has released the ITR filing software utility for all seven ITR forms for the FY 2017-18 (AY 2018-19). You can also file your income tax returns yourself using this facility. There is a last date (usually July 31 each year) before which the income tax return of the individual has to be filed either by himself/ herself or through an income tax professional. You must note that no document (including TDS certificate) is required to be attached with the returns.

If your are filing your income tax returns through income tax department's e-filing website and want to ensure a smooth and error-free ITR filing, following 4 Important Points to be remembered while Filing Income Tax Returns:

(1) Use Correct ITR Form

There are various ITR forms available for filing ITR. You must choose the one which applies to you. In case you are having any kind of confusion in selecting ITR form, you must consult with any income tax consultant for the same.

(2) Proper Disclosure of your Interest Income

It has been seen that people forget to mention their interest incomes for the financial year while filing their income tax returns specially their bank’s savings account interest. Don’t ever forget to include your interest income.

To know - Income Tax Slab for F.Y. 2018-19, Click here

(3) E-Verify your ITR

You must E–verify your ITR-V through any of the different modes such as using your Aadhaar, through Net banking, through Demat account, etc.

(4) Reporting all your Existing Bank Accounts

You need to report all the operative accounts in your name. Dormant accounts not to be reported while filing your ITR.