Your date, a crucial one,
with the tax authorities is just a week away. You have to file your taxes and
file the returns before July 31. Sure, you can outsource the task to your tax
consultant.
However, if you prefer
doing it yourself, go ahead. Take it from us; the process is not as complicated
as it is made out to be. But do ensure that you avoid the following mistakes
while filing returns - be it online or offline:
Not filing online returns
if you earn over 10 lakh
Don't continue with your
practice of dumping the task of filing returns to your neighborhood help, who
acts as your investment advisor and tax consultant. Make sure that you (or your
help) file your returns online if your gross total income is more than 10 lakh.
It is a must to file returns online if your income exceeds this figure.
You will have to log on to
www.incometaxindiaefiling.gov.in and register yourself with your PAN. It will
act as your User ID. Thereafter, you can follow the instructions mentioned on
the website to complete the process yourself or seek an expert's help.
Selecting the wrong ITR
form
It is imperative that you
select and fill the ITR form applicable to you. For instance, if you are a
salaried individual or a pensioner with income from one house property or
interest earnings, opt for ITR-1 (Sahaj). The e-filing site provides a detailed
explanation about the relevant forms to be chosen.
Make sure that you download
or print the one meant for you. "(In case of physical filing) fill up the
form without any overwriting, deletion or edits. Ensure that you write one
character in a box - else it may not be legible under the scanner.
Providing incorrect details
Do not fill up the form in
a hurry even if you are filing returns at the last minute as it could result in
erroneous details on the form. This includes your personal information, PAN, e-mail
ID, bank account number and MICR code.
Note that in case of
e-filing of returns, the furnishing of bank account particulars is mandatory
even if no refund is due. In case of refund, it is advisable to go for e-filing
of returns to ensure faster processing. Also, make sure that you upload the
form as per the correct assessment year (AY). The AY applicable this time would
be 2012-13.
