Every year people from all working backgrounds struggle to file their Income Tax Return (ITR) which can be a difficult task. The ITR needs to be filed carefully without any mistakes otherwise it can create complications in the future. This year, the last date of filing the ITR has been extended to September 30, for the financial year 2020-21.
If the ITR is filed within the time allotted and without any mistakes, it can be extremely beneficial with the returns. But before you file it, here are some tips and tricks to make sure that you make no mistake.
Details of the assessment year:
While filing the ITR one has to mention the assessment year in the form and correctly but many get this wrong. Now, for Financial Year 2020-21 the correct corresponding Assessment year needs to be 2021-22. In case one enters the wrong year, it can lead to double taxation and penalties.
Choosing the correct form:
There are different taxpayers like the employee, employer, businessman, etc. Every taxpayer has a different form prescribed for them relating to the nature of their business. One has to choose the correct form otherwise the individual might have to file the return again.
Details of TDS:
Cross-checking of TDS is necessary while filing the ITR because it includes a summary of TDS and tax payments on the income of the individual.