Highlights
- The interests received from fixed deposits are fillable under the Income Tax
- Under the ITR FILE FY2021, the taxpayers can compare their old and new tax regimes
- While filling the ITR, it is mandatory to fill out the same details as written in Form 26AS.
The Government of India extended the due date for all the Income Tax Returns (ITR) till December 31, 2021. The Income Tax return is a form where the assessee provides information about his/her income and tax thereon to the income tax department. If you are a person who is filling out their income tax return for the first time, these are some things that should be in your head while filing Your ITR FILE FY2021 and certain mistakes that you should avoid.
Points To Remember For ITR FILE FY2021
1. Income From Saving And FD (Interest Received)
A person who has a saving account and fixed deposits should show their interest income from both their savings account deposits as well as fixed deposits while filing their ITR. But there is also a point to note – under the Section 80 TTA of the Income Tax, those who get “interest” from their savings account would be exempted if it is below Rs 10,000. And under the same law, senior citizens get an exemption of Rs 50,000.
2. Finding The Appropriate Form To Fill For ITR FILE FY2021
While you are filing your ITR FILE FY2021, make sure that you choose the right form.
3. The Process Of E-Verification
The process of filling the ITR form does not end with just giving the required documents. It also includes e-verifying your ITR form. If this process is incomplete, you won’t be able to get your returns. The process of ITR verification can be done through a net banking account as well as Aadhaar OTP.
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4. The Process Of Choosing The Best From The Old And New Tax Regimes
Under the ITR FILE FY2021, the taxpayers can compare their old and new tax regimes. They can choose which one of them is the best according to their finances. The old regimes provide deductions and exemptions, and the new regime would be based on the low tax rate.
5. Dividend Income And Its Reporting
Dividends earned by individuals from their portfolios are taxable. It is compulsory to file it during the process of filing the ITR form.
Dividends from both mutual funds and equities are taxable.
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6. Details Filled In ITR Should Be The Same As Form 26AS
While filling the ITR it is mandatory to fill out the same details as written in Form 26AS. Form 26AS is a statement given by the respective taxpayer that would contain all the incomes for the given financial year. Hence it is a must that both the details should match each other.
Final Words
There are many types of forms, and each of them varies according to his/her type of expenses and other kinds of valuations.
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