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Do these before you sit down to file your ITR

Author: Balwant Jain/Wednesday, July 18, 2018/Categories: Tax, Expert View

Do these before you sit down to file your ITR

Before you actually sit down to file your ITR, there are certain tasks which you should complete. We should also know what the prerequisites for filing the ITR are.  

Verify the tax credit from Form 26AS

Since you cannot attach any physical document with the ITR, credit for tax deducted at source (TDS) as well any tax paid by you is given on the basis of the data available with the income tax department. You should, therefore, verify the details of your advance tax and TDS well in advance. Such data can be viewed in form 26AS. The I-T department gets data of your TDS and advance tax through the returns filed by the person deducting the tax or by the bank in cases where the taxes are paid in the bank. Proper credit for such taxes may not reflect in form 26AS due to any mistake either on the part of the bank or the tax deducutor.

You can view Form 26AS through internet banking or at the I-T department website. Discrepancies should be reported immediately to the deducutor or the bank to initiate corrective measures.

Verify Form 16 /16A

By now, you must have received all your forms for TDS, be it Form 16 or Form 16A. Verify your PAN and all the exempt allowances like HRA, medical reimbursement, LTA etc. There may be some discrepancy if you have submitted the documents late and consequently your employer may have deducted tax on it. Also, verify the amount of various deductions available to you like life and health insurance premium, home loan repayment, interest on education loan, school fees etc. Similarly, verify Form 16A received from bank.

Open capital gains account before July 31

If you have a taxable long term capital gain and wish to avail exemption under Section 54 or 54F by investing in another residential house, then the law requires you to deposit the unutilized money in a capital gains account in a specified bank by July 31. You may, however, take a longer period to make such investments.

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Balwant Jain
Balwant Jain

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