Points to Remember in Filling Income Tax Return who has the Income From Salary
| 23 Jul 2016
| Vidya Shankar Tiwari, Editor, NOP

The deadline for filing income tax return of the previous financial year is July 31 as always. You have just One week in hand to complete the process. So you must use a checklist of documents that you need to keep in handy to avoid mistakes in filing your tax return. Although There filing tax returns is not a rocket science. However, due to frequent changes in the law, tax returns and formats makes filing of returns a little complex task for any common Tax Payer. So Mr. Rajagopalan is giving Step by Step suggestions to our New Observer Post readers which you must read before filing the return.


identify if you have Income from House Property, (Rent received on let out), Income from Capital Gain (Purchase & Sale of Property, Shares etc), Income from Other Sources (Interest, Winning from Lotteries etc)


Choose the correct form to file your return

Shaaj (ITR1) - For Individuals having income from Salaries, Income from only One house property, Other Sources

ITR 2A - For Individuals not having Income from Capital Gains and who do not hold foreign assets.

ITR 2 - For Individuals having income from more than one house property and others


Other than providing the correct information such as Name, PAN, Date of Birth, Address, Father's Name, Sex, Status, Email ID, Mobile Number etc. the following should also be mentioned .

a. Aadhar Number (If you have) - Link your Aadhar Number and Electronically Verify your Income Tax Return (EVC)

b. Passport Number - do- if you file ITR2A or ITR 2

c. Provide all the bank account details, (Other than Deposit Accounts) of yours while filing the Income Tax Return.

d. Check your 26AS and y ensure that all the Tax Deducted at Source on your behalf has been reflected in your 26AS statement.


Commom Mistakes in filing the Return

The following income are generally skipped by the tax payers as it may not reflect in Tax Deduction Certificates or in their 26AS statements which has to be taken care off.

a. Interest accrued/earned on NSC and Deposits

b. Exempt Income (viz., Dividend from Indian Companies, Maturity proceeds of Life Insurance Policy etc)

c. Interest on Savings Bank Account - A maximum of Rs.10000/- is exempt under section 80TTA which has to be claimed in Deduction.

d. Income of minor child has to be clubbed. - If both parents are tax payers, the income has to be clubbed in one of those, whose total income is higher.



Even though the deduction U/s 80CCD has been increased by Rs.50000/- and the total contribution has been increased to Rs.1.50 lacs from Rs.1.00 lacs, the total deduction that can claimed altogether U/s 80C, 80CCC, and 80CCD is restricted to Rs.1.50 lacs only. Additional Deduction of Rs.50000/- can be claimed if the investment is made under National Pension Scheme.


Calculate your tax payable and if the tax payable is more than Rs.10,000/- you should pay interest also on the tax payable Under Section 234A, 234B & 234C also.


Once you pay your tax, you can log in to Income Tax Portal and e file your return.


After submitting your Return, you can either E-VERIFY your return by linking Aadhar Number or even by SMS & email.

If you have not E-VERIFIED your return, you should sign the ITR-V (Acknowledgement) and send it CPC, Bangalore within 120 days of filing the Return.
Note: All the information and legal commentary provided in this write-up is for illustrative purposes only and should not be regarded or relied upon as legal advice. While the content provided is accurate as at the date of first publication, laws and regulations change frequently. Any reliance on the information contained in this write-up is solely at the user's own risk. Specific legal advice should always be obtained before acting upon any information or commentary provided.

For any queries please contact:
CA Jugraj Singh Bedi
COMMERCIAL COMPLEX, DELHI-110009, Ph: 011-27652310
raja@coeictindia.com, www.coeictindia.com

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