The last date to file Income Tax Return for the Financial Year 2017-18 is around the corner and here is the list of Dos and Don’ts that you must follow before you file your ITR: –
Know Dos and Don’ts of Filing ITR
- Keep your documents handy, your basic documents like your PAN Card, Aadhaar Card, Form 16 and Form 26AS by your side before you start filing Income Tax Return. These are the documents, which you will require while filing your Income Tax Return, as these documents contain all the required details.
- You need to calculate your tax liability and how many deductions you can claim on it, before you start filing your Income Tax Return. If you have your tax liability calculated, it will be easy for you to file your Income Tax Return.
- One of the most important thing that you need to while filing your Income Tax Return is to report all your Income. If Income Tax Department finds out that you have misreported any of your Income, then you will be subject to penalty.
- You must file your return beforehand, you should avoid filing your Income Tax Return at the last moment. This will give you enough time to fill in your details while filing Income Tax Return.
- Before you start filing your Income Tax Return, you will have to understand how you can claim deductions under Section 80. If you are planning to claim any deduction under section 80, then you will have to keep enough proofs by your side.
- As we already told you, you must keep all your important documents handy. Well, not just that you will have to be very alert while filling your details. You PAN number, Aadhaar Number etc, should be fill accurately and then you must cross check it well. You must check your ITR Form after filling it, in order to avoid any mistakes.