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26. ITR filing: Settle before filing an income tax return

ITR filing: ઇન્કમટેક્સ રિટર્ન ફાઈલ કરતા પહેલા પતાવીલો આ કામ...

ITR filing: The government has recently extended the deadline for filing income tax returns for the assessment year 2021-22 by three months. The date for filing income tax returns for AY 2021-22 has been extended by three months to December 31, 2021. According to CBDT guidelines, if a taxpayer is not able to file a return by this date, he will have to pay a late fee and file a delayed ITR.

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There are a number of things to consider before filing an income tax return. Check if you have dealt with the following issues:

 Link PAN and Adhaar

 This is the most important thing before filing a return. You need to link your Permanent Account Number (PAN) with your Aadhaar. At the same time, the PAN-Adhaar linking deadline has been extended. It can now be linked until 31 March 2022.

 Link PAN with bank account.

 Don't forget to link your bank account with PAN. The income tax department will only transfer the refund online to your account. You will not receive a refund if you forget to link it.

 Tax Saving Investment Declaration

 When filing an ITR, you will need to provide information about your investments for deductions and exemptions. For this you first need to know how much more you have to invest to get the exemption under section 80C. This will be in addition to EPF (employees ’provident fund), child tuition fee, life insurance premium etc.

ગુજરાતીમાં વાંચો અહી ક્લિક કરી .

 Timely filing of ITR

 It is advisable to file ITR on time but if for some reason you are unable to do so, you may file a late return. If the taxable income is more than Rs. 5 lakhs, a penalty of Rs.

 Income announcement on new job

 Declare your income if you changed jobs during the business year. You have to declare the old income with the new employer. If you do not do so, your employer may add tax liability for deductions after accounting.

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