Taxpayers scramble to file income tax return only when the due date approaches which leads to incorrect claims, filing return etc. Financial year (FY) 2011-12 is completed and every taxpayer should collate all income tax related documents to file ITR of FY 2011-12 (AY 2012-13). So, Taxmantra has come up with few points which should be kept in mind before filing return which enables to file return without any encumbrances.

Selection of Correct Form – For filing return Income Tax Form is the first and foremost requirements by the assesse. Correct Form should be selected & used by the assessee.

Timely filing – Income Tax Return filing should be done within the prescribed due date to avoid Interest & penalty. Moreover, Timely filing return ensures faster processing of ITR and quick refunds if any.

Required details – Details regarding the name, address, date of birth, father’s name, details of bank account, the PAN/GIR details, credit card and other relevant details as required should be filled correctly.

Claim Deductions – An assessee should claim all deductions and fill all relevant information as required at the time of filing return in Income Tax return as missing out on any one can result in a higher tax liability of the assessee. The most common deductions in such respect fall under the section 80C, 80D, 80G and other housing loans.

Disclose Exempt Incomes – Exempt income should be disclosed in Income tax return even though no tax is required to be paid on the same like dividends, PPF Interest etc.

Claim Loss Return – If there is a Loss Return, it should be claimed and the return filing should be done within the due date as prescribed u/s 139(1), or else the loss under the specified head will not be carried forward.

Prefer Online Filing – Assessee should prefer online filing return instead of manual filing to avail benefits of all the online facilities provided by the IT department.

Signing of ITR Acknowledgement – Assessee may file ITR with digital signature and in case of filing return without Digital signature an ITR-Verification (ITR V) generated after filing of ITR should be signed and posted to the CPC.

Update your PAN data, if required – Form 49A which is basically the New PAN or Changes or Correction in PAN Data request application form should be filed if there is any change in address before filing return . Moreover, you can make application on the same form for any correction in PAN Card data like name, date of birth & father’s name.

Maintenance of documents as proof – As a proof of having been filed a Return in the I.T. Department, an ITR acknowledgement should be collected and retained for future use.