Tag: Income tax forms

Income tax return filing in Kanpur Uttar Pradesh
Income Tax

Filing Income Tax Returns (Precautions) -I

Filing of Income Tax Returns

As you know from our earlier post

New Income tax forms Released and their usage

that the ITR 1 is for salaried assessee who other than salary income can have income from House property (maximum one property) and total income should be less than or equal to Rs 50.00 lacs.Some other precautions required while filing ITR 1 are as under

ParticularsExplanation required if anyDifference as compared to earlier year
Total Income from all sources shall be less than or equal to Rs 50.00 lacsNo difference
Only income from one house property can be shown under this formNo difference
File the return after confirming from the deductors that they have filed your details as final in all respect .If possible do the calculations yourselfFor eg in case of salary you can cross check the enties from your bank .Similarly in case of bank interest you can always calculate the interest dueThis is an inbuilt check which was not earlier
obtain all form 16/16A as in case the 26AS is revised by the deductor you can always claim that the difference reported was due to deductor's faultsame as above
Salary Income should contain all details of allowances whether exempt or taxable including perquisitesThe details should match with 26AS and more specifically with the form 16 issued This was not required earlier and the system was also not checking this

Precautions Before Filing Income tax return by the Salaried Class:

As is clear that many new inbuilt checks are there from this year hence one needs to be more cautious while filing the ITR 1 .

Please note that the details to be filled in the return should match with the form 16 issued by your employer .

Also please check beforehand that any allowance you claim exempt should be backed with proper proofs as the department has issued a warning that any wrong exemption allowance or any other allowance if found false the assessee will be heavily penalised.Some of the allowances claimed are as under.Same goes true with the claims of deduction under chapter VIA

  1. HRA
  2. Conveyance Allowance
  3. Telephone Allowance
  4. Medical Reimbursement
  5. Rent Paid
  6. Education Allowance
  7. Deduction for LIC,NSC,NPS,Donation etc

Actually in past many instances have been found where the assessee were claiming allowance/deduction which when verified they were found to be false and the assessee has claimed refund on these accounts so from this year the claims will be verified to a larger extent so please take care.

We will be covering ITR 3 to ITR 7 in next post so keep reading.