Tips for Filing Income Tax Returns
Under the provision of Income tax act the income tax return should be filed by the assessee with due care and caution and there should be no corrections or overwriting and it should be properly signed and verified by the person authorized. While filing up the retrurn forms individual should take care of the following things.
1. ITR Applicable : Before filing the return of income each assessee has to identify the correct ITR Form applicable in its case.
2. No enclosure to the return : Rule 12(2) of the IT rules provided that the return of income and return of fringe benefits required to be furnished in Form No. ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, or ITR-8 shall not be accompained by a statement showing the computation of tax payable on the basis of return, or proof of tax, if any, claimed deducted or collected at source or the advance tax or tax on self assessment, if any, claimed to have been paid or any document or copy of any account or form or report of audit required to be attached with the return of income or return of fringe benefits under any provisions of the Act.
3. For timely delivery of refunds, ensure correct address and account number on your Return of Income : From 1.10.07 onwards, all income tax refunds in Bangalore, Chennai, Delhi and Kolkata and Mumbai will be delivered by the Refund Banker directly at the communication address to ensure speedy delivery of refunds. If any taxpayer who opt for refunds through ECS, it will be credited directly to the bank account for which correct MICR code/Bank Account number has to be furnished on the Return.
4. Manner of filing new forms
New forms can submitted in the following manner.
(a) The return furnished in a paper form.
(b) The return furnished electronically under digital signature.
(c) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V.
(d) Furnishing a bar-code return in a paper form.
5. Filing out acknoledgement: acknoledgement slip attached with the return should be duly filed in, where the return is furnished in paper format. The new forms are not required to be filed in duplicate.
6. Intimation of processing under section 143(1) :The acknoledgement of the return is deemed to be the intimation of processing under section 143(1). No separate intimation will be sent to the taxpayer unless there is demand or refund.
7. Filing your return through tax return prepares.
Under th eprovision of income tax act, if you are an individual or HUF assessee and you are not required get yuor acccounts audited , you can use the services of a Tax Return Prepare(TRP). If the eligible person is not resident in India during the previous year relevant to such assessment year, he can not avail of the services of a TRP.
8. Verification: Before furnishing the return the verification must be signed by the authotized person and the name and designation of the person signing the return should also be written. Under section 277 of the Act if any person making false statement is liable to be prosecuted.
9. Place where you can file the Income Tax Return : A new assessee should file the Return with the Assessing Officer having territorial jurisdiction over the area where he resides or his principal place of business is situated or with the Assessing Officer having special jurisdiction over specific assessees or classes of income. An existing assessee must file his income tax return with the assessing officer who had previously assessed him with the assessing officer where his case stands transferred.
The delivery of return may be at the counter in the concerned Range/Circle or it may be sent by registered post.