10 Key Points to Check before filing Income Tax Return | Important Points to Remember | Taxpundit

It is time to file your annual income tax return again. You could get professional help to do it but if you are planning to do it yourself here are the things you need to keep in mind. Irrespective of whether your income is in the taxable slabs or not, ideally you should file the return. Here are few things to know when you file your ITR.

1. Matching TDS Info with Form 26AS : First you have to download Form 26AS from incometaxindiaefiling.giv.in after logging in. Verify the income and TDS mentioned in it and check them with your Computation of Total Income. If any variation take remedial steps.

2. Keep your records organized and up to date: Keeping records of your deductions, receipts, canceled cheques, income and purchases will save you lots of time when filing your income tax return. That is why it is important to keep your tabs organized throughout the year.

3. Quote correct PAN to Deductor : Credit in Form 26AS reflects on the basis of TDS return filed by the deductor. In TDS Return your PAN number is mentioned. It is must to check the provide and correct PAN Number and ensure he does not make any mistake in mentioning your PAN Number in the TDS Return. If you do not find credit in Form 26AS contact Deductor immediately.

4. If your Income is more than shown in Form 26AS then it is acceptable. If less then you mat get notice for income mismatch.

5. Form 26AS can be modified by revising TDS Return filed by the Deductor. If any mistake request him to revise it so that you get credit of TDS deducted.

6. Check Advance Tax installment with Form 26AS. If mismatch contact the bank where you paid the taxes.

7. Show income in the correct head so that the tax is correctly calcualated by

8. Fillup all columns of ITR Form correctly and choose the right form applicable to you.

9. Bank Account Number and IFSC code must be correctly mentioned in the IT return. This will ensure timely credit of your refund to your bank account

10. File Income Tax Return in time to avoid interest u/s 234-A. Late filing does not allow to carry forward of losses.

If you remember these points then your assessment will be completed without any defects.

Video on choosing correct ITR Form :

Video on How to file Income Tax Return (ITR 1) :

Video on How to file Income Tax Return (ITR 4) :

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