The last date of filing the returns for the Assessment Year 2021-22 has been extended to December 31, 2021.
Every salaried or earning person can file for Income tax return (ITR). It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department.
The Central Government has extended the due date for filing Income Tax Returns several times this year. The last date of filing the returns for the Assessment Year 2021-22 has been extended to December 31, 2021.
ITR can be filed either online that is by visiting the official website of the Income Tax Department or offline. However, it is of utmost importance to take certain precautions while filing the income tax return in order to avoid any kind of mistake.
Here are some important points or precautions to be kept in mind:
1. File the return of income on or before the due date. Taxpayers should avoid the practice of filing belated return or else they will have to face the following consequences:
a . Losses cannot be carried forward.
b. Levy of interest under section 234A.
c. Late filing fees under section 234F is levied for return filed after due date. Late filing fee of Rs 5,000 shall be payable if return furnished after due date. However, amount of late filing fees to be paid shall be Rs 1,000, if total income does not exceed Rs 5 Lakh.
d. Exemptions under section 10A, section 10B, are not available.
e. Deduction under 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, are not available.
f. Deduction under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB is not available. (From A.Y 2018-19)
2. 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.
3. 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.
4. 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.
5. Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
6. 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 within 120 days of filing return of income.
For further details taxpayers are advised to visit the official website of Income Tax Department at https://www.incometax.gov.in/.