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TAX HELP (PART-2)
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8) Carried Forward losses

One may forget to
consider the carried forward losses of the
previous years.
We should always
check whether any losses carried forward to the current
assessment year
is considered as it
may reduce the income chargeable to tax and in turn reduce the tax liability

9) Details of Tax Deducted at Source (TDS) and income included in the return

In case of tax deducted at source (TDS), ensure that the
details like Tax Deduction Account Number (TAN) along
with other details of the payer of income are as per the TDS
certificate to avoid
disallowances from AO in future.
Further, one should even check the tax credit available and the correctness of income included in the return by viewing the Form 26AS to avoid any error.

10) On-line return submission

On-line filing can be done with or without digital signature. But,
for those filing it without using the digital signature, it is
mandatory to submit the ITR-V form generated on-line, to the income tax officials at Bangalore,
within the prescribed time.

11) Maintenance of documents of the details disclosed in the return

One is not relieved just by filing the return. Proper maintenance of documents of the details filed in the return in our records is equally essential for future.

Hope that some of these simple
yet important tips mentioned above would make the tax
return filing process hassle free.

We wish you Happy filing!

(The author is senior tax professional, Ernst & Young. The views expressed are personal)