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​What precautions should be taken while filing the return of income?

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posted Jun 23 by Swati Tyagi

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Following is the list of few important steps/points/precautions to be kept in mind while filing the return of income:

  • 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) cannot be carried forward.
  • Levy of interest under section 234A.
  • Penalty of Rs. 5,000 under section 271F can be levied. [upto Assessment Year 2017-18]
  • Fee or Rs 5000 under section 234F will be levied if return is furnished on or before 31st December of Assessment Year fee will be Rs. 10,000 in any other case. [Fee shall be levied @ Rs 1000 if total income does not exceed Rs. 5,00,000]
    Exemptions/deductions under section 10A​, section 10B, 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE are not available.​
  • Belated return cannot be revised under section 139(5). However, w.e.f. 01-04-2017, income-tax return for the Assessment Year 2017-18 and onwards filed under section 139(1) or section 139(4) [belated return’ can also be revised.​
  • 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.
  • 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. 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.
  • If any tax is payable as per the return of income, then the same should be paid before filing the return of income, otherwise return would be treated as defective return.
  • 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 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 (as discussed earlier).
answer Jun 24 by Chetan Hindu
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