File an error free Income Tax Return Now as we are entering to the season of Income Tax Return filings we need to look into some matters to make the return error free to abstain from facing any harassment in the future. Smart filing of Return keeps you away from getting a demand notice from the department and filing a rectification against it or doing a revise return. As we all want to file our return smartly, we need to note certain things: 1. Permanent Account Number (PAN) :- First of all you need to provide your PAN number accurately. If you do not provide your accurate PAN number then Income Tax Department will not be able to identify you as the real tax payer which would not be an easy thing for you to accept. So check your PAN card as many times as possible and enter the correct PAN number. 2. Details of Bank Account:- You must check whether you have given your Bank Account details correctly such as Bank Account number, MICR code etc. If you do not provide your correct Bank Account details then getting the tax refunds will become difficult for you in future. Also check your bank statements to identify your incomes which arise are from different heads of Income as provided by the Income Tax Act. 3. Details of Income:- It is very important to determine the heads of income under which your income would be taxable. ITR 1, 2 or 4 is then selected w.r.t the heads of income to be included in your return. Further, it is to be noted that one should check correctness of certain details mentioned in each heads of income. Salary: When an assessee has salary income, details of his employer is to be given such as name of the employer, his office address, Tax deduction and collection Account Number (TAN), etc. House Property: If the assessee has income under the head house property then one should first classify if the house property is self occupied or let out. Further, the address of the house property, rental income and details of housing loan (if any) should also be mentioned correctly. Business or Professional Income: If one has earned income from his professional or technical service or any contract or sub-contract then that income should be included in the head “Profits and gains from business or profession” and not in any other head of income. Capital Gains: If the assesse has Capital Gains income then whether that is short term or long term should be determined. Further, if the income is long term capital gain then one should check whether the benefit of indexation has been taken on that. Other Sources: In case where an assessee has earned income from other sources then he needs to ensure whether interest income from savings bank account has been included in that provided the interest earned is more than Rs.10,000. 4. Assessee’s Details:-   Assesse should provide his name, his father’s name, date of birth, e-mail Id, address of communication, telephone number and other contact informations 5. Return filing Forms:- Please select the correct return filing Form as prescribed by the Central Board of Direct Taxes (CBDT) every year. 6. File your Income Tax Return considering the new amendments in the Finance Act, 2012 and various recent changes in the Tax Laws that are applicable in your case :- Stay updated with the recent changes in the tax laws that are applicable in your case to reap utmost benefit and reduce your tax liability. 7. Provide Details of all the Tax Saving investments made by you:- It is advisable that one should always make a list of Tax saving investments made throughout the year which are eligible for deduction under Chapter VI of the Income Tax Act. This will help you in reducing your Tax Liability. So it is very important to list down all your investments and then provide all the details in your return filing Form to reap the benefit of paying reduced Tax Liability. 8. E-filing of your Income Tax Return:- While you are submitting your Income Tax Return without digital signature you need to submit the ITR-V Form to CPC Bangalore within prescribed time which is mandatory now. It is because ITR-V form is generated online. 9. Provide accurate details of Tax Deducted at Source:- Please look into the details of TDS such as the TAN of the deductor and other details as per the TDS certificate. Also verify that the same is being reflected in the Form 26AS online as the department provides TDS credit solely based on it. 10. Carry Forward your losses:- You can always carry forward your losses of a financial year if you have filed your income tax return of that financial year. It will give you the opportunity to reduce your Tax Liability. Even if you submit a belated return then also that year’s losses can be carried forward subjected to certain conditions. So check whether you can still file your income tax return of an assessment year which has not filed by you before in the article named Set Off and Carry forward of losses are completely different . 11. Documents should be kept as per the details given by you:- One should properly maintain all the documentary evidence that is associated with the filing of return so that in future if assessing officer wants to check the documentary evidences then one can easily produce the details. In case you require any Tax planning on how to reduce your tax liability please feel free to contact us. We have a domain expertise in handling taxation issues assisting thousands of individuals in India and abroad which includes Online return filing services, Tax planning and save taxes service, Tax refunds services, ITR Rectification, PAN and TAN related services, NRI Taxation and all other services related to individual taxation, covering both Salaried and Non-Salaried Individuals. We would help you in better planning of taxes, offering complete tax planning, wherein we analyze your taxes, taking into account the current income and current tax saving tools employed by you and would suggest ways to save more taxes. We would send you a detailed Tax Computation based on our analysis, which would contain details about the current taxes paid by you, and proposed tax saving tips for lowering your taxes.