Income Tax Return Filing for FY 2012-13 has started. Filing Correct Income tax return is necessary to ensure that you don’t get income tax notice. Therefore it is necessary that assistance of Income tax experts and Chartered Accountants is taken.
Incorrect filing of Income tax return could result in return being treated as null ie no return is filed ever. This could have serious consequences like penalty or interest .
Checklist of Filing Correct Income Return
- Form16/ Form 16A, if any;
- Details of Investment made-like LIC , PPF, NSC, Tution fees;
- Details of income from house property ;
- Details of Housing loan interest;
- Any other Income like Saving account interest- Fixed Deposit Interest;
- Details of TDS deducted & TDS certificate, if any;
- Details of business income, if any;
- Details of transactions in shares, Demat statements, if any;
- Date of Birth;
- Full address;
- Mobile Number;
- Bank Account details (Account number, and MICR code).
Important Changes for year 2012-2013 ( Assessment year 2013-2014)
- Income Tax Return can be filed in electronically if Income exceeds Rs 5 lacs.
- ITR-I can not be used if the exempt income Exceeds Rs 5000/- during last year
- ITR-I cannot be used if there are losses to be carried forward.
- ITR-I cannot be used if there income from Shares or business income.
After Income Tax return is filed electronically, Please make sure:
- To send ITR-V to the Income tax department in 120 days. ITR V need to be send to — Income Tax Department – CPC, Post Bag – 1, Electronic City Post Office, Bangalore – 560 100, Karnataka.
- Please send through speed post or ordinary post only.
- Make sure to sign the acknowledgement
- Check your registered email for acknowledgement of receipt of ITR-V.
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