How to File Income tax return and avoid common Mistakes

Income tax Return for Assessment year 2013-2014 has started.

Before filing income tax return, following things documents need to be arranged:

1) Form 16 from your employer, in case of Income Tax Return of Salary.

2) Interest Certificate (Form 16A) from Banks and Other Financcial institutions

3) Form 16A in case of Income Tax Return of professionals and contractors

4) Interest Certificate from Housing Loan Company.

5) Bank Statement for Interest Calculations. Please note from AY 2013-2014 (Saving Interest upto Rs 10000/-) is allowed as deduction from Total income under section 80TTA.

6) Investment Proof made under section 80C

7) Medical premium paid under section 80D

With Income tax return you are not required to attach any physical document. But it is advisable to keep these documents safely in your ITR file.

While Filing Income tax return following Common mistakes to be avoided.

1. Correct PAN no
2. Correct DOB
3. Correct Income tax forms. (Download Income tax forms ) Find out whether you have to use ITR 1 or ITR 2.
4. Correct bank account no and IFSC code.
5. View your form 26AS and ensure that TDS amount reflected in TDS certificate is reflected under 26AS.
6. If you have changed job during the year, make sure to include both form 16 in your total income tax return. Failure to include form 16 from previous employer may land you in trouble.
7. Show any gift received under section 56.
8. Show net salary in income form salary head.
9. Make sure to include interest income from saving account and Fixed deposits
10. Include income/ loss from share purchased or sold. Yes even if you have incurred capital loss, show this in your income tax return. This will help you to carry forward loss to next year and will be adjusted from income in next year.

After Income tax return is filed, make sure:

• To send ITR-V to the I-T department in 120 days. ITR V need to be send to —   Income Tax Department – CPC, Post Bag – 1, Electronic City Post Office,Bangalore – 560 100, Karnataka.
• Please send through speed post or ordinary post only.
• Make sure to sign the acknowledgement
• Check your registered email for acknowledgement of receipt of ITR-V.
• In case ITR V acknowledgement is not received from income tax deparment within 60 days, arrange to resend the ITR-V.

Need Assistance in Filing Income tax return, Contact us now.

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