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Explainer: Things to be taken care of when filing tax returns
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Explainer: Things to be taken care of when filing tax returns
Jul 16, 2018 8:16 AM

With the dead line for the filing of income tax returns getting nearer, many are rushing to the website to file their returns.

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However, inexperience and haste may lead to mistakes further complicating the process.

Here is a glimpse of some of these errors that should be taken care of while filing returns:

Personal details are one of the key areas that should be filled carefully during the filing process.

Individuals should ensure that all details such as name, mobile number, date of birth, address etc. is filled properly.

Another aspect that should be mentioned correctly should be the details of the bank account.

Details of individual’s bank accounts including the IFSC code should be specified without any error.

Similarly, income that is earned from bank deposits like interest should be properly provided during the filing.

One other significant detail that should be noted properly is the income generated by the spouse or minor child of the taxpayer.

If an individual has invested in the name of child and spouse, it should be noted properly in the filing.

Also other sources of income like rent should also not be forgotten.

If a taxpayer had switched jobs during the previous financial year, he or she should report income that is generated from the previous job.

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