E-Filing Income Tax Returns– 7 Precautions to be Taken Before E-filing

E-Filing Income Tax Returns– 7 Precautions to be Taken Before E-filing

The Tax paying season has arrived and it is almost about to end in a few days. The due date for filing Income Tax Returns has been approaching quite rapidly and it is the time for every tax payer to check out their essential requirements in order to begin e-filing their Income Tax Returns. Earlier, it was quite arduous and perplexing for the tax payers with hectic manual and paper work.

Now, you no more have to come across all that difficulty as the Income Tax department has introduced online way of E-filing Income Tax Returns at a great ease. Income Tax department has come up with new online mode of filing IT returns without the need of sending essential documents to the CPC in Bengaluru. It is now the time for all the individuals to rush towards making essential investments in some business in order to diminish their tax liability.

The last date for filing Income Tax Returns is 31st July, 2016 and there is not much time left to E-file your IT returns for the current financial year 2016-17. As Income Tax department has introduced new method of filing IT returns online, some of the tax payers might not be aware of the do’s and don’ts before E-filing Income Tax Returns.

For those who are not aware, we are here to guide you with necessary precautions that must be taken care of every single individual before filing their Income Tax returns. Well, here are some precautions and guidelines for the tax payers who are about to file their Income tax Returns online. Take a look!


  1. E-File Income Tax Returnsprior to Due Date

This is the most essential and important precaution that must be taken care of the Income tax payer to file their IT Returns on or before the due date. (For the current financial year, Due Date is July 31, 2016). It is best for the tax payers to file their IT Returns in the stipulated time and try to avoid the custom of filing Income tax returns after the due date or postponement is not suggested. If in case, you postpone or delay filing your Income Tax Returns, here are the consequences or results you need to confront:

  • ​Loss (excluding property loss like house) cannot be approvedfrontward.
  • Tax of interest will be incurred on the tax payer for delay in filing IT Returns under the Income Tax section 234A.
  • The tax payer needs to pay a penalty of Rs. 5,000 under the section 271F.
  • Under the following section 10A, section 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE, the tax payer will not be eligible for exemptions or deductions in their tax amount.
  • Postponed Income Tax return cannot be revised by the IT department under the section 139(5).

closeup of computer keyboard with income tax button

  1. File IT Returns after thoroughly checking Form 26AS from Suggestions

The Tax payer must and should give a through read of Form 26AS before filing your Income Tax Returns.

  • Before filing IT Returns online, the taxpayer need to take a printout or download Form 26AS in order tocheck out actual TDS/TCS/Tax which must be paid by the tax payer. If any inconsistency or wrong-doing is noticed then suitable action must be taken so as to resolve it.
  • The Taxpayer mustmake sure that all the income which is mirrored in the Form 26AS has been appropriatelystated ordeliberatedwhile filing the income tax return.
  • You can check out much more about the Form 26AS from the official website under the option “View 26AS”.
  1. File Income Tax Returns- ConsiderEssential Documents

Gather all the essential and relevant documents that are required to file your Income Tax returns online. Be cautious and analyse all the requirements that must be used for filing your Income Tax returns. Here, we have listed all the essential documents that are required to file IT Returns.

  • Authorised Bank statements or Passbook
  • Pay or Salary Certificate, Form No 16
  • TDS Certificate (Form No 16A issued by authorised banks, Deductor of TDS )
  • Documents of Property Sale or Purchase
  • All relevant Interest certificates
  • Proofs of Investment for which your Income deductions is to be claimed,
  • BankAccount books and balance sheet and P/L A/c (if applicable)

You need not attach any kind of documents along with the return of income.

6 things you must do after e-filing your income tax return

  1. File your IT ReturnsinCorrectITR Form

You need to make sure that you are filing your Income Tax Returns online in the right or precise Income Tax Return form.

  • The taxpayer must be quite cautious and check the correctIncome tax return form that is applicable to him/her before E-filing.
  • The essential Income Tax Returns forms are currently available @ the official website of India here.
  • Provide all correct details in the Income Tax Returns form without including any details that misleads the Income Tax department.
  1. E-file IT Returns with Utmostcaution- Double-check Calculations and information

Before filing your Income Tax Returns, you need to pay utmost attention regarding your tax calculations and other essential information.

  • Make all necessary calculations that include the following:
    • Total income
    • Deductions (if any)
    • Interest (if any)
    • Tax liability/Refund
  • Provide all correct and precise details that include PAN, Address, E-mail address, Bank account info and much more.
  1. Electronic Verificationbefore Filing IT Returns

If your income tax returns are not filed with digital signature then, the relevant tax payermusttake care of electronic verification soon after uploading their IT Returns on the IT returns web portal.

  1. Send Acknowledgement to CPC Bangalore

If in case, you did not file your Income Tax Returns with digital signature then you must send an acknowledgement to the CPC Bengaluru in a manual way.

That’s it! These are the essential things or precautions that must be followed by the tax payers before filing their Income tax Returns online.

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