Points to Keep in Mind Before Filing Income Tax Returns

Introduction We are all aware that the income tax filing season for the fiscal year 2020-21 has begun. As a result, every taxpayer anticipates the timely submission of an income tax return. This article discusses some critical factors to remember when submitting your income tax return. The Selection of a Return Form The first step in submitting a return is choosing the right form. According to the tax authorities, there are seven forms for reporting income tax . Details are included below; Individuals and Hindu Undivided Family (HUFs): ITR 1 to 4 Partnership and Limited Liability Partnership (LLP): ITR 5 Company: ITR 6 For claiming Exemption: ITR 7 Points to Remember Filing the Income Return Form The following are some things to keep in mind when filling out your income tax form. Disclosure of Interest from Bank Deposits and NSC Certificates Although the IT department removed the deduction for interest income a few years ago, many people still prefer not to reveal the...