Tag: Precautions in filing return

Income Tax

Filing Income tax returns (Precautions)- Part II

This post is in continuation of our earlier post on precautions while filing ITR for Asst Year 2018-19 .At that time ITR 6 was not released now as all return forms have been released we will take them one by one

ITR 1 has already been explained in our earlier post ITR 2 is more or less same as ITR1 We will take from ITR3

As one can see that ITR 3 is for those who have income from any head so the guide presented here is fairly long but it is important that we explain all the sections however generally all heads are not present in all cases so go ahead and look for the relevant sections.

How to get the maximum from this guide:

Just check which heads are applicable to your income .Now go through only those heads and follow the guide in your context

Remember each and every head is in most of the cases never applicable to a single entity

The guide presented here is freely downloadable .Do whatever you wish to do with this but please note that with the advent of technology everything has changed.Gone are the days when one earns income and forget to declare in the return either intentionally or unintentionally and the income was seldom discovered by the department.

Now it happens that the department gets information from almost all over the world and to add to it the data mining softwares are analysing the information and also applying all permutations and combinations so be aware and follow the guidelines given in the guide above and sleep a peaceful night and contribute in our nation’s progress.

For a ready reference ITR 3 is reproduced below

In next post we will take remaining returns except ITR 7 which requires a separate post so happy reading