One must file his income tax return and that too on or before last date. I have mentioned some consequences of not filing income tax return before last date. You must file tax returns as they may help you in getting loan from bank or financial institution.
If you are efiling your Income Tax Return then you must take care of the following things:
-> Fill your bank details very carefully as from this year onwards Income Tax Department has discontinued to pay refund through cheques. So to get your refund on time, fill your details with caution.
-> You must be clear about the concept of Financial Year and Assessment Year. Financial year is one for whose income you are filing the return and Assessment year is one in which you are filing return. For example; for this year’s return Financial year will be 2013-14 and Assessment year will be 2014-15.
-> Tax is payable on Total income. Total income includes aggregate of all the income under various Heads of Income,i.e., Salary or pension, House Property, Business or Profession, Capital gains and Other Sources. This income must be reduced by deductions available to get Total Income.
-> Some people fail to send ITR-V,i.e., Acknowledegement within 120 days of filing. If you fail to do so then your return may be rejected.
-> Be careful while filling your personal details like PAN , Address, Mobile number, email id, etc. The number and mail id you will provide will be used for further communication by the Income Tax Department.
-> From this year onward, it is mandatory to update your contact details before filing the income tax return.
These are the few things that must be taken into consideration while efiling the income tax return.