Highlights

  • Furnishing the ITR in the wrong form can tantamount to filing a defective/ invalid return
  • More than 1.76 crore taxpayers have got their ITRs processed for AY 2021-22 from the e-filing portal

Latest news

RBI focuses on expanding UPI for cross-border payments

RBI focuses on expanding UPI for cross-border payments

Fardeen Khan's cinematic return: eyeing Bollywood & South

Fardeen Khan's cinematic return: eyeing Bollywood & South

Maharashtra CM advocates lawful approach to Aurangzeb Tomb Issue

Maharashtra CM advocates lawful approach to Aurangzeb Tomb Issue

Controversy & Triumph: India's glory in Champions Trophy 2025

Controversy & Triumph: India's glory in Champions Trophy 2025

India imposes anti-dumping duty on Trichloroisocyanuric Acid imports

India imposes anti-dumping duty on Trichloroisocyanuric Acid imports

Rohit Sharma dispels ODI retirement rumors post champions trophy win

Rohit Sharma dispels ODI retirement rumors post champions trophy win

Modi's Mauritius Visit: New chapter in India-Mauritius relations

Modi's Mauritius Visit: New chapter in India-Mauritius relations

Shiv Sena's Rajpurohit detained for extortion allegations

Shiv Sena's Rajpurohit detained for extortion allegations

ITR Filing: 5 mistakes that you should avoid while filing income tax returns

Filing Income Tax Returns: The deadline to file an income tax return (ITR) for FY 2020-2021 is December 31

ITR Filing: 5 mistakes that you should avoid while filing income tax returns

Filing Income Tax Returns: Your income tax returns for the financial year April 2020 - March 2021 needs to be filed by the end of this year. As the deadline approaches EJ Biz put together the Dos and also the Do Nots for your tax filings.

Also watch | Paytm posed question on profitability again as losses widen, Brokerages sound caution

1. Mark the day - December 31

This year, because of the second wave of the Covid pandemic, the deadline for filing returns has been extended to Dec 31 2021. But, if you do not file your Income Tax Returns (ITR) by this due date, you have to incur penalties such as:

  • Late filing fee of up to Rs. 10,000
  • Penal interest rate of 1% per month will be charged on any unpaid taxes
  • Delay in receiving a refund on any excess tax paid

2. Choose the form wisely

The choice of ITR form you need to use depends primarily on your sources of income. For example, if you are a salaried individual, you can file returns using ITR Form 1. But in case you are salaried and have income from capital gains from investments, you will need to use ITR Form 2.

On the other hand, if you are self-employed and have income from the profits of a business, you will need to file your returns using ITR Form 3.

3. Details for refund bank account

As the income tax department in most of the cases remits the income tax refund in the bank account directly, it is important for you to ensure that the bank details opted for credit of the income tax refund are correct.

4. Don't forget to report your side income

Large monetary gifts to lottery luck all such winnings are liable to flat rate of tax at 30% without any basic exemption limit. In such a case the payer of prize money will generally deduct tax at source (i.e., TDS) from the winnings and will pay you only the balance amount.

5. Foreign bank accounts in case you are a resident

In case you have an account in foreign banks, then you need to share the details of the same while filing ITR. Taxpayers need to share the details in the ITR 2 form to share the details.

ADVERTISEMENT

Up Next

ITR Filing: 5 mistakes that you should avoid while filing income tax returns

ITR Filing: 5 mistakes that you should avoid while filing income tax returns

Global stock market indices: How the world markets performed today - 07 March 2025

Global stock market indices: How the world markets performed today - 07 March 2025

Indian stock market sector-wise performance today - March 10, 2025

Indian stock market sector-wise performance today - March 10, 2025

Top 5 Nifty 50 gainers today – March 10, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – March 10, 2025: Biggest stock moves

NSE Nifty 50: Top 5 stock losers of March 10, 2025

NSE Nifty 50: Top 5 stock losers of March 10, 2025

Indian stock market sector-wise performance today - March 07, 2025

Indian stock market sector-wise performance today - March 07, 2025

ADVERTISEMENT

editorji-whatsApp

More videos

NSE Nifty 50: Top 5 stock losers of March 07, 2025

NSE Nifty 50: Top 5 stock losers of March 07, 2025

Top 5 Nifty 50 gainers today – March 07, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – March 07, 2025: Biggest stock moves

Global stock market indices: How the world markets performed today - 06 March 2025

Global stock market indices: How the world markets performed today - 06 March 2025

Indian stock market sector-wise performance today - March 06, 2025

Indian stock market sector-wise performance today - March 06, 2025

Top 5 Nifty 50 gainers today – March 06, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – March 06, 2025: Biggest stock moves

NSE Nifty 50: Top 5 stock losers of March 06, 2025

NSE Nifty 50: Top 5 stock losers of March 06, 2025

Global stock market indices: How the world markets performed today - 05 March 2025

Global stock market indices: How the world markets performed today - 05 March 2025

Indian stock market sector-wise performance today - March 05, 2025

Indian stock market sector-wise performance today - March 05, 2025

Top 5 Nifty 50 gainers today – March 05, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – March 05, 2025: Biggest stock moves

NSE Nifty 50: Top 5 stock losers of March 05, 2025

NSE Nifty 50: Top 5 stock losers of March 05, 2025

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.