Knowing the Do’s and Don’ts of Online Tax Filing

The financial year-end is just around the corner and it is that time of the year when everyone is talking about online tax filings. Almost every tax payee would be aware of the fact that filing for the income tax returns is just as important as paying the taxes. If you are a filing tax for the first time, it is important to vary of the dos and the don’ts of tax filing to ensure that the filing is done correctly.

Let’s take a look at the Do’s first

Be calm and organized

Don’t be overwhelmed by the whole process, it is important that you remain calm and keep all the essential documents ready and easily accessible so that you can quickly retrieve any information you want if the need arises. Make sure that you keep all the tax receipts, bills, investment records, and other documents handy to quickly enter the details during the filing process. Also, keep all your documents safe and secured so that you can produce it to the officials if your return is selected for scrutiny.

Choose the correct the ITR form

There are three different types of ITR forms, which are divided based on the income slab. Make sure that you know exactly, which form is applicable to your income type. This will make your online tax filing India process easy.

Report all the income gained

One of the most common mistakes that people make is failing to report all sources of income other than their primary source – be it salary or income from the business. There are certain income categories that fall under the ‘Income from other sources’ tab and it is critical that you report all the other incomes under this head while filing the returns.

Keep a record all the TDS and the taxes paid

If your annual income has been subject to TDS (tax deducted at source), it is likely that the amount may not reflect in your 26AS, so if you have the proof of the tax deduction then you must claim it. Also, if you have paid any tax in the form of self-assessment tax or advance tax, don’t forget to enter the details of the same in your tax return, otherwise the IT department will not acknowledge and it would eventually affect your returns amount.

Don’ts

Always be extra careful while entering the important personal details and don’t make a mistake while entering your bank details like account number, IFSC code, PAN number or this will delay or affect your refund credits.

Don’t enter the wrong TAN number. This to lead to disapproval of the TDS returns credit. It is best advised to double-check all the details before submitting the form online.

A very common mistake that many people commit during online tax filing India process is that they enter the wrong mobile. Don’t commit this silly mistake or else you will not receive any important information/updates regarding your tax filings and/or returns.

Now, that you know the dos and don’ts, go ahead and file your income-tax without any hassles. Happy Tax filing!