Income Tax Return: Know These Basic Things While Filing ITR For FY 2021-22

Taxpayers, here’s an important update for you if you are filing ITR this year before September 30. It is crucial to know basic things while filing ITR on or before the due date. Your ITR filing will be treated as invalid if you file with incorrect information or incomplete details. Even, you will have to pay a penalty for filing ITR with wrong information. Hence, you need to file your ITR correctly and with accurate information. Therefore, the individual should keep all the required documents handy in advance and be ready with up-to-date information.

You must take care of following things while filing ITR:

Tax-exempt income:?The taxpayers need to mention in the ITR form the incomes earned during the previous year, notwithstanding the fact that such income is exempt from tax.

Income must be clubbed: While filing ITR, you must disclose the income of a minor child or spouse if it is clubbed in the hands of the taxpayer.

Income from Savings Account and FDs: While filing ITR, the taxpayers need to disclose the income they have received from the interest in the savings account and FDs with bank and post office in schedule OS (Income from other sources) and then claim deduction under section 80TTA.

Accurate Account Number: You must mention the accurate account number while filing the ITR as the refund will be credited automatically by the Income Tax Department to the account number mentioned in the ITR form.

Details of the TDS & TCS: Last but not the least, you need to mention the details about the TDS and TCS in the ITR form.