Question: What are minute details one should not forget to file an error-free income tax return?
Answer given by Dr Suresh Surana, Founder, RSM India: Taxpayers required to file their income tax return should take into consideration the following:
Selection of Correct ITR Form
Taxpayers wishing to furnish the correct ITR should take into consideration their residential status, nature and level of income, etc. as furnishing of return in a wrong ITR form may lead the return to be treated as defective and make the ITR invalid altogether.
Taxpayer should be careful while quoting Aadhaar and correspondence details. Further, special care should be taken while providing the bank account number and IFSC code as mistakes while quoting bank details can delay income tax refunds.
Taxpayers have to disclose income from all the sources including interest and dividend earned, rental income from any property, gambling income, etc. The income must be disclosed irrespective of being taxable or exempt. Further, taxpayers being resident and ordinary resident would be required to disclose all the foreign assets held by them (including financial interest in any foreign entity) and income earned from abroad.
Taxpayer discovering any discrepancies between Form 26AS and AIS should, in case of error in AIS, provide feedback on the portal in order to rectify the same and in case of error in form 26AS, the taxpayer should inform the deductor about the variation and request them to rectify the errors and omissions.
Taxpayers need to pre-validate their bank accounts in order to be able to duly receive their income tax refunds.
