Income Tax Return 2022: Keep this in mind while filing an income tax return, otherwise there may be a big loss

Posted on 16th Jul 2022 by rohit kumar

The last date for filing an income tax return is the 31st of this month. The central government may decide to extend the last date, but at present, nothing has been said by the government in this regard. Because of this, if you are planning to postpone this important work, then our advice is not to do so and must file your income tax return before 31st July.

 

These documents will be required while filing the return

 

Before filing an income tax return, we should keep some documents safe. Among these documents, PAN card, Aadhar card, and Form 26AS are important.

 

Check Form 26AS in advance

 

Before filing our income tax return, we must ensure whether the amount deducted in the name of TDS is included in this form or not. Let us tell you that Form 26AS contains the details of the total TDS amount deducted from your income during the financial year and deposited in the government treasury. The TDS deducted by the company is deposited in the government treasury along with your PAN number. Apart from your salary, Form 26AS also contains information about the TDS deducted on the interest amount received by the bank. We also get information about advance tax deposited by you in Form 26AS in Form 26AS.

 

What is TCS? Where do you get this information?

 

According to the rules of the Income Tax Department, if you buy a vehicle worth more than ten lakh rupees, then the dealer must deduct TCS (Tax Collected at Source) on your purchase. A percentage of the amount you pay as the value of the vehicle is deducted as TCS. After this deduction, the dealer of your vehicle will provide you with Form 27D, which details the amount deducted. You will also get information about the amount you have paid towards TCS during any financial year from Form 26AS itself.

 

If there is an error in Form 26AS, then get it corrected

 

Sometimes the TDS certificate received by the taxpayer does not match the information given in Form 26AS. In such a situation, you may face problems while filing the return. In this situation, it is necessary to get the information given in the TDS certificate corrected. For the Revised TDS Certificate, you have to first see at what stage the mistake has happened? If your company or bank has made a mistake in depositing tax in the government account with your PAN number, then you will have to contact your company or the concerned bank and ask them to rectify this mistake. As soon as your company or bank files TDS return with the correct information, the correct information will start showing in your 26AS.

 

Take care of July 31, otherwise fine may have to be paid

 

Let us tell you once again that the last date for filing income tax returns for the financial year 2021-22 is 31 July 2022. In such a situation, before this, you should collect all the necessary documents (as mentioned above) in one place and file your return. If you do not do this then you may have to pay a fine as per the income tax provisions.

 

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