Many taxpayers will be relieved to know that the last date to file Income Tax Return for the Financial Year 2017-18 has extended from 31st July 2018 to31st August 2018. Income Tax Return filing can be a taxing task and that’s the reason why we will tell you about some of the Dos and Don’ts that you must keep in mind while filing Income Tax Return for F.Y. 2017-18.
Any individual whose annual income is more than Rs.2.5lakk is required to pay Income Tax in India, apart from that the taxpayers who are senior citizens, they are required to pay Income Tax if their annual income is more than Rs.3Lakh.
Dos while filing ITR
- · You must collect all the necessary documents like PAN card, Aadhaar Card, Form 16 and Bank Details while filing Income Tax Return and keep them by your side.
- · You must choose the correct ITR Form depending on your source of Income.
- · While Filing your ITR you should disclose all your incomes, hiding any of your income can invite a tax notice for you.
Don’ts while filing ITR
- · Do not hide any of the income, that you earn in a relevant Financial Year.
- · Do not miss any of your personal details while filing your ITR, file the mobile number, email ID and other minute details correctly.