Following is the list of few important steps/points/precautions to be kept in mind while
filing the return of income:
👉The first and foremost precaution is to file the return of income on or before the due date.
👉Taxpayers should avoid the practice of filing belated return.
Following are the consequences of delay in filing the return of income :
1. Loss (other than house property loss) cannot be carried forward.
2. Levy of interest under section 234A.
3. Levy of fee under section 234F*
4. Exemptions under sections 10A, 10B, are not available.
5. Deduction under Part-C of Chapter VI-A shall not be available.
W.e.f. assessment year 2018-19, fee as per section 234F is required to be paid if return
is furnished after due date. Fee for default in furnishing return of income will be as
follows:
a) Rs. 5000 if return is furnished on or before the 31st day of December of the
assessment year;
b) Rs. 10,000 in any other case
However, late filing fee shall not exceed Rs. 1000 if the total income of an assessee does
not exceed Rs. 5 lakh.
👉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.
👉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.
👉No documents are to be attached along with the return of income.
👉The taxpayer should identify the correct return form applicable in his caseand 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.
👉If any tax is payable as per the return of income, then the same should be paid before filing the return of income.
👉Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
👉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.
👉Everify the return or post/send the acknowledgement of filing the return of income at CPC Bengaluru .
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