The
return filing season is on and for salaried employees the last date for filing
the IT return is 31st July, 2016 (for returns pertaining to FY
2015-16). Timely filing of return is a good practice and has many advantages
too. However, apart from timely filing it is very important to file correct and
accurate information. In this article we shall discuss few important points to
be kept in mind before filing the return of income.
Selecting the correct return form
6
different forms are notified by Government for an individual tax payer viz. ITR
1, ITR 2, ITR 2A, ITR 3, ITR 4 and ITR 4S. A taxpayer not having income from
business/profession has to select only from 3 forms viz. ITR 1, ITR 2 and ITR
2A. Thus a salaried person not having business/profession income has to choose
amongst ITR 1, ITR 2 and ITR 2A depending upon his/her income.
Providing correct and complete personal and other details
Apart
from providing correct personal details it is very important to provide
complete information which will cover items like email id, telephone/mobile
number, aadhar number, passport number (not required if filing ITR 1) and
details of all bank accounts (saving/current).
Providing correct income details
Details
of all the incomes earned during the year should be declared. It should be
ensured that incomes like interest on investments, interest on saving account,
taxable gain on sale of shares/mutual funds, etc. are declared in the return.
The common mistake observed is omission to declare interest on saving bank
account, FDs, NSC, etc. If you have earned interest on saving bank account/post
office saving account then don’t forget to declare the same in your return and
on the same hand make sure that you claim deduction upto Rs. 10,000 under
section 80TTA (first you have to declare entire saving interest as income and
then claim deduction under section 80TTA of upto Rs. 10,000).
