Income Tax Return Filing Checklist

Income Tax Return Filing Checklist

The Income Tax Return Filing due dates for Previous Year 2018-19 (Assessment Year 2019-20) are 31st July 2019 for Individuals, HUF, BOI & AOP and 30th September 2019 for businesses which are required to get their accounts audited. There are many queries and confusions particulars to individuals while filing ITR. In this article we will try to cover all the important topics everyone must keep in mind before filing ITR.

1. Selecting the Correct ITR Form:

  • Selecting the correct ITR Form applicable to you is the first important step. There are two important criteria for selecting the right form:
    • The nature of income earned by you;
    • The total income threshold.
  • ITR-1 SAHAJ: For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.
  • ITR-2: For Individuals and HUFs not having income from profits and gains of business or profession.
  • ITR-3: For individuals and HUFs having income from profits and gains of business or profession.
  • ITR-4 Sugam: For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.


2. Make sure you have Form 16 and Form 26AS:

Form 16:

  • Form 16 has the details of TDS deducted by the employer from salary paid to you.
  • If you are salaried, Form 16 is the most important document for filing your tax returns.
  • It has details of PAN, TAN, address, salary earned and tax deducted, which is required to be reported in your ITR.
  • Starting this year, Form 16 format has been revised and made in sync with fields required in ITR.
  • If you have worked with more than one employer in the past, income from the previous employer will also have to be reported in the ITR forms.
  • Make sure that you have a Form 16 from your previous employer and include this income while filing tax returns.


Form 26AS:

  • Form 26AS is the consolidated statement that reflects TDS deducted on any type of income you have earned, it includes TDS on salary, TDS on interest income from deposits, TDS deducted by buyer in case you have sold a property etc.
  • This is a very important document as the tax department will only allow TDS to be adjusted against tax due, if it appears in your Form 26AS.
  • Do review this Form, it can be downloaded from the income tax department website.


3. Disclosure of all the Income including Foreign Income:

  • You must disclose all the income earned during the financial year 2018-19, even if you have an exempt income.
  • Interest income from bank savings account, family pension, capital gains, etc. make sure you have every income listed down for inclusion.
  • Wherever TDS has been deducted, you may be able to locate details from your Form 26AS.
  • Also, if you have any foreign income from foreign assets such as a bank account, a retirement account, shareholding, or any other asset owned, it will also have to be disclosed in the ITR forms.


4. Keep all Tax Deduction Proofs:

  • Make sure you put together a proper file to keep all payment receipts and proofs of tax saving investments made, deductions claimed, rent paid and any other tax benefit claimed by you.
  • If there is a discrepancy in your ITR, you may be requested to provide proofs by the tax department.


5. Disclose Correct Personal Details in ITR:

  • Ensure that the personal details such as Name, Aadhaar Number, Phone Number, Date of Birth, Address, Email ID, etc. entered in the ITR form are correct.
  • Further, if you are claiming a refund, make sure that the bank details provided are accurate so that you receive your refund smoothly.
  • Also, you have to report all bank account details held by you except dormant accounts (accounts which are inactive for the past three years).

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