ITR Filing Alert! What are the precautions to be taken while filling income statement in ITR? know quickly

It is mandatory for any earning person to file ITR whose income comes under the purview of income tax. Those whose total income does not exceed Rs 50 lakh during a financial year, file ITR-1 (Sahaj). In this, you have to give the details of your income and while doing so, precautions should be taken. So, let us tell you today what are the precautions to be taken while filling the income statement in ITR-1.

What are the precautions to be taken while filing return of income?

  • Check the actual TDS/TCS/tax paid in Form 26AS (Annual Information Statement).
  • If you find any discrepancy in this, you should resolve it by talking to the employer/tax deductor/bank.
  • Compile the referenced documents while filing ITR.
  • Carefully read bank statements/passbooks, interest certificates, receipts for claiming exemption or deduction, Form 16, Form 26AS (Annual Information Statement), Investment Proof, etc.
  • Make sure that all the information in the pre-filled data like PAN, permanent address, contact details, bank account details, etc. is correct.
  • Give complete details of total income, deduction (if any), interest (if any), tax paid/collected (if any), etc.
  • No document is to be attached with ITR-1.
  • File the statement of income on or before the due date.
  • Delay in filing return attracts late filing fee.
  • After e-filing of the return, e-verify the same.

How to get the filing verified manually?

If you wish to verify your return manually, you need to send the signed copy of ITR Acknowledgment to the Centralized Processing Centre, Income Tax Department, Bengaluru 560500 (Karnataka) within 120 days of filing.

What is Form 26AS?

Form 26AS is an annual information statement which shows various details including tax deducted/collected at source, advance tax/self assessment tax, specified financial transaction demand/pending refund/PAN of the taxpayer as per the database of Income Tax Department.

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