Important Considerations for E-Filing Tax Returns
Here are 5 important things you must keep in mind:
• **Submit All Form 16 Documents:** If you have changed jobs, ensure that you collect the Form 16 from your past employer as well. There is a good possibility that your past employer has also deducted tax, which means you could have paid extra tax. Hence, you might be eligible for a refund if you submit all the relevant Form 16 documents.
• **Be Careful with Email Address:** Never use your office email address on the ITR form. If you change jobs in the future, you will not have access to that email address. Providing your office email ID on the ITR form is one of the most significant mistakes you could make.
• **Submit All Information Regarding Income from Other Sources:** It is imperative that you declare all the income you earn, even from other sources like capital gains, even if such income is not taxable. Also, mention income from other sources, such as the sale of house property and rental income. Ensure you collect all the relevant documents from financial institutions well in advance to avoid last-minute hassle.
• **Sending E-Filing Acknowledgement on Time:** Once you file the returns, you receive an ITR-V acknowledgment, which you need to submit to the IT department's Bangalore office within 120 days. The first mistake many make is forgetting to send the ITR-V acknowledgment within the deadline. Another thing to keep in mind is that you need to send it via post or speed post and not by courier. Thirdly, you need to sign the acknowledgment in blue ink, not black.
• **Double-Check Numbers:** If your agent is filing the form for you, ensure you check it before submitting. Even a spelling mistake could cost you later. Next, ensure there are no typos, especially in the PAN and TAN numbers. There is a good possibility you could be fined for a wrong entry. So, double-check all numbers once before submitting the form online, including the IFSC number of your bank if you are expecting a refund.
These are just a few things you need to keep in mind for error-free online filing of returns. The IT department is getting stricter by the day, so ensure that you do the e-filing of returns carefully.
Regards,
From India, Ahmadabad
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34Here are 5 important things you must keep in mind:
• **Submit All Form 16 Documents:** If you have changed jobs, ensure that you collect the Form 16 from your past employer as well. There is a good possibility that your past employer has also deducted tax, which means you could have paid extra tax. Hence, you might be eligible for a refund if you submit all the relevant Form 16 documents.
• **Be Careful with Email Address:** Never use your office email address on the ITR form. If you change jobs in the future, you will not have access to that email address. Providing your office email ID on the ITR form is one of the most significant mistakes you could make.
• **Submit All Information Regarding Income from Other Sources:** It is imperative that you declare all the income you earn, even from other sources like capital gains, even if such income is not taxable. Also, mention income from other sources, such as the sale of house property and rental income. Ensure you collect all the relevant documents from financial institutions well in advance to avoid last-minute hassle.
• **Sending E-Filing Acknowledgement on Time:** Once you file the returns, you receive an ITR-V acknowledgment, which you need to submit to the IT department's Bangalore office within 120 days. The first mistake many make is forgetting to send the ITR-V acknowledgment within the deadline. Another thing to keep in mind is that you need to send it via post or speed post and not by courier. Thirdly, you need to sign the acknowledgment in blue ink, not black.
• **Double-Check Numbers:** If your agent is filing the form for you, ensure you check it before submitting. Even a spelling mistake could cost you later. Next, ensure there are no typos, especially in the PAN and TAN numbers. There is a good possibility you could be fined for a wrong entry. So, double-check all numbers once before submitting the form online, including the IFSC number of your bank if you are expecting a refund.
These are just a few things you need to keep in mind for error-free online filing of returns. The IT department is getting stricter by the day, so ensure that you do the e-filing of returns carefully.
Regards,
From India, Ahmadabad
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I appreciate your sharing. Form 12B, have you missed it out, or has it been dropped by amendment in the Act? IT is not my subject, but I happen to know that this form is to be submitted to a new employer joined in between the year, and on this basis, the new employer has to give proper treatment of TDS. Kindly clarify.
Regards.
From India, Mumbai
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Regards.
From India, Mumbai
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Income tax and form 16.xls