Stock Analysis, IPO, Mutual Funds, Bonds & More

Here's your last minute ITR filing checklist

, ET Online|
Updated: Aug 31, 2018, 09.53 AM IST
ThinkStock Photos
If you have received allowances that are partially or fully tax exempt, you are required to report them while filing ITR.


  • The extended deadline to file your income tax return (ITR) will expire on August 31.
  • If you file your ITR post this deadline, you will be liable to pay a late filing fees. It can be maximum up to Rs 10,000.
The deadline to file your income tax return (ITR) is expiring today i.e. on August 31, 2018. Post this (August 31) if you file your ITR, you will be liable to pay a penalty which can be a maximum of Rs 10,000. Further, you will not be able to carry forward certain losses. Here's a checklist to help you file your ITR successfully before the deadline expires.

Keep required documents handy
The most important thing to start with ITR filing is getting the required documents together. Documents you need would vary depending on the types of income you have. This year even the single page ITR form, i.e., ITR-1 or Sahaj, requires you to provide detailed break-up of salary and income from house property. To file ITR-1, you need Form 16, salary slips, certificate of interest paid on home loan and so on.

Also Read: 10 documents you need to file ITR

Also Read: How to read Form-16

Switched jobs? Form 16 from previous employer is required
If you have switched jobs in the last financial year, you must have received two Form 16s this year - one from current employer and one from the previous one. Many of us can find it difficult to deal with two Form 16s as it can be confusing to figure out how much TDS has been cut in total.

Also Read: How to deal with 2 Form-16

In case you have not received Form 16 from your previous employer, you can file your ITR without it using the salary slips from your old organisation.

Also Read: How to file ITR without Form 16

Ensure TDS certificates match Form 26AS
Most employees receive salary from employers after tax is deducted. To ensure that every TDS instalment deducted from your salary is deposited against your PAN in the government's account by your employer, you must match the amounts mentioned in your TDS certificates with those in your Form 26AS.

Form 26AS is the annual tax credit statement reflecting all the taxes deposited under your name. You can download it from the e-filing website of the income tax department.

Also Read: Why TDS certificates should match with form 26AS

Paying all dues before filing ITR
Before filing ITR, you must ascertain the total amount of taxes to be paid by you. Once you have correctly determined this amount, you need to subtract TDS as shown in various TDS certificates from this total and then pay the balance, if any. The balance tax payable can be paid through net banking or by visiting the bank branch and paying taxes using a physical challan.

Also Read: Everything you need to know about ITR filing for FY 2017-18

Once you have paid your tax dues, ensure that the amount is reflecting in your Form 26AS too. However, it is to be mentioned that normally as the deadline for ITR filing nears there is a gap of several days between the date of tax payment and the date by when it starts reflecting in the Form 26AS.
On the other hand, if taxes deducted are more than your tax liability, you should receive the tax refund from the department once your filed ITR is processed.

Getting the ITR form correct
Make sure you file your tax return using the correct form applicable to you according to your income. Using the wrong one means that your return will be treated as defective. If you file ITR using the wrong form, you might receive a notice under section 139(9) from the department asking you to file your ITR again within the stipulated time.

If you fail to file a revised ITR within the given time, then it will be treated as if you never filed the ITR.

Also Read: ITR form applicable to you for FY 2017-18

Also Read: Step by Step guide to file ITR-1

Also Read: How to upload excel utility and file ITR

Reporting all interest incomes
As a taxpayer, it is your duty to report all the interest incomes earned by you in the previous year - in this case financial year 2017-18 - while filing ITR. Many people tend to forget mentioning the accrued interest earned on fixed deposits linked to bank lockers, recurring deposits, or interest earned on savings bank account.

Remember that interest earned from savings accounts held with a bank or post office is eligible for deduction up to Rs 10,000 under section 80TTA.

Also Read: Six interest incomes you are most likely to forget

Report tax exempted income details in ITR
Income exempted from tax such as interest earned from PPF account or tax-free bonds etc. must be reported in your ITR in the 'Exempt Income' schedule. If you have received allowances that are partially or fully tax exempt, then you are required to report them while filing ITR.

Chetan Chandak, Head of Tax Research, H&R Block India says, "It is mandatory for you to file ITR even if your total income plus exempted incomes as specified under section 10(38) is greater than the basic exemption limit. This total income is calculated without taking into effect deductions available under section 80C to 80U."

Also Read: 9 mistakes that can fetch you tax notice

Also Read:
How to report tax exempted incomes

Verifying the ITR
The last step to complete the process of filing the ITR is verifying the uploaded return. Your tax return won't be considered 'Valid' until it is verified by you. The I-T department has made the process of verifying ITR easier by offering ways to verify your return by using electronic methods which includes Aadhaar OTP, net-banking etc.

Also Read: 6 ways to verify your income tax returns

Check ITR status
Once you have filed and verified your ITR, the income tax department starts processing it. There are two ways to check your ITR status.
Read more about how to check ITR status.

Also Read

ITR filing: 5 key changes in ITR-1 you need to know

ITR filing last-minute checklist

Prosecution norms eased for TDS, ITR filing defaults

ITR Filing: How to verify the validity of Form 16

ITR filing: How to download Form 26AS

Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links

Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service