Useful tips for filing your income tax returns

There are certain things which each and every individual has to keep in mind while filling income tax return. If you are filling your income tax return before the due date then you have a chance to revise or file a modified return in case of mistakes otherwise you will be in trouble and can not revise your income tax return.

Here are a few tips to ensure an error-free filing.Useful tips for filing your income tax returns

Check Form 26AS before filling your income tax return

Form 26AS has details of tax deducted and deposits to your PAN account. Its available online at income tax site. It will give a detail list of tax deducted from your income and deposited in government’s account, details of tax paid by you, details of tax refund and details of AIR transactions. Before calculating your tax liability, you should have a watch on this form to know the current status of tax to be paid by you or already paid for you.

Pick the correct Income Tax Return form

There are different forms available at income tax site for free download. Select the correct ITR form according to your streams of income. Followings are the list of such form:

New ITR Forms Applicability
ITR-1 For individual having income from salary/one house property (not being brough forward loss from previous years)/ income from other sources (not from winning from lottery and income from race horses)
ITR-2 For Individual and HUFs not having business/professional income
ITR-3 For individuals/HUFs being partners in firms and not carrying out business or profession under any popritership
ITR-4 For individual and HUFs having income from a proprietary business or proession
ITR-4S For individual/HUFs deriving business income and such income is computed in accordance with special provisions referred to in sections 44AD and 44AE
ITR-5 For Firms, AOPs and BOI or any other persons (not being individual or HUF or company or to whom ITR-7 is applicable)
ITR-6 For companies other then companies claiming exemption u/s 11
ITR-7 For persons including companies requried to furnish return under section 139 (4A), 4B, 4C, 4D

File income tax return Form

Every individual has to necessarily file their income tax return if the total income, before allowing any deduction, exceeds the basic exemption limit. It has to be filled even though the employer has deducted tax from employee’s salary and deposited it to government.

Filing of your income tax returns will also help in the documentation process of taking a loan or an insurance policy or applying for a visa.

Disclose exempted income in your return

Income like agricultural income, dividend received on mutual funds, long-term capital gain on securities is exempted from income tax. Our income tax laws require you to report such exempted income in your tax returns even though you are not required to pay any tax on them.

Submit ITR-V in time

You can file your income tax return with or without digital signature. If you are filling it with digital signature then the acknowledgement that you receive after uploading your return will be treated as filling of tax return and you are not required to send that acknowledgement to CPC Bangalore office.

Where as, if the ITR has been filled online without a digital signature, then it is mandatory to submit ITR-V copy to the income tax office within 120 days of filing the returns. If ITR-V has not been submitted then uploading of your return online will be treated as equal to non-filing of ITR.

Address For sending ITR-V form:

The Income Tax Department – CPC
Post Box No:1, Electronic City Post Office,
Bengaluru, Karnataka – 560100
ITR-V should to be sent by ordinary post or speed post only


  • If the IT Return is uploaded with digital signature then the date of uploading is the date of filling the return
  • If the IT Return is uploaded without digital signature then the date of uploading will be the date of filling the return only if it has been furnished with in the specified period.

Specify accurate bank details in your income tax return

Bank account number, and IFSC code is a mandatory requirement for filling tax return. It should be accurate so as to receive refunds without any hassles. In case of an error, you will have to submit a cancelled cheque showing correct particulars.

File your ITR on time

Income Tax return or ITR has to be filled before the due date or the date as extended by the IT department. Under the present tax laws, if returns are filed after the due date or the date as extended by the IT department then the losses of the company cannot be carried forward for being set-off against the income in future years.

Therefore, it is essential to file income tax returns within the stipulated time frame. Non filling of income tax return may also attract penalty, interest on tax not paid.

Due dates of filling your income tax return (due dates can be extended by the IT Department):

Persons Due Date
If the assessee is a company 30th day of September
A person other than a company whose accounts are required to be audited under this Act or under any other law for the time being in force 30th day of September
Working partner of a firm whose accounts are required to be audited 30th day of September
In the case of any other assessee 31st day of July
In case of a company assessee accounts of which are required to be audited under the provisions of section 92E 30th day of November

Certain section of peoples are exempted from filling their income tax return if they fulfill following conditions.

Conditions to be fulfilled for this provision;

  • The tax payer is an individual (may be resident or non-resident)
  • Taxable Income does not exceed Rs. 5, 00, 00 (the taxable income should consist of salary and/or saving bank account interest but interest should not be more than Rs. 10, 000)
  • The individual has reported his PAN to the employer
  • The individual has reported his saving bank interest for the purpose of calculating tax deductible u/s 192
  • The individual has received the Form no 16 which mentions the PAN, details of income, tax deducted at source by the employer and deposited to the central government.
  • The individual has received salary from only one employer for the assessment year
  • The individual has no claim of refund of tax due to him for the income of the assessment year

Now you know certain things that are required to be kept in mind while filling your ITR. Please let us know your feedback and suggestion on this.

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.