Know your tax forms
We bring you the lowdown on changes in ITR forms this year and tips to ensure smooth sailing

- May 20, 2016,
- Updated May 27, 2016 10:39 AM IST
It's time to undergo what is an annual ritual for every earning individual. Most cringe at the thought of the work ahead, some love to ignore it till the last day because it is boring and cumbersome, while others just hope that their trusted chartered account (CA) will take care of the matter. The job we are talking about is filing of income tax return (ITR).
The process of filing tax returns has significantly evolved over the years, largely due to extensive use of technology. Even though the entire process can now be completed in 15-20 minutes, many feel that it is a herculean task. "It is the fear of being caught on the wrong foot by the Income Tax (IT) Department that scares most people in the country," says Archit Gupta, Founder of ClearTax, an e-filing site which claims that more than 3 per cent tax returns in India are filed via its platform.
The Central Board of Direct Taxes (CBDT) has already notified the new forms for this financial year, The deadline for filing ITRs has been fixed as July 31. However, before you dash off to your computer and open the IT Department website, there are a few changes in ITR forms this year that you should know about so that there are fewer chances of making a mistake and getting an IT Department notice.
- Opting for incorrect assessment year
- Selecting the wrong ITR form
- Providing incorrect communication details
- Feeding in incorrect TAN details of employer
- Closing the income tax refund bank account
- Forgetting to verify ITR data with tax department's data against your PAN number
- Failing to declare all sources of income
- Trying to file separate ITRs based on multiple Form16s
- Not reporting foreign assets and accounts
It's time to undergo what is an annual ritual for every earning individual. Most cringe at the thought of the work ahead, some love to ignore it till the last day because it is boring and cumbersome, while others just hope that their trusted chartered account (CA) will take care of the matter. The job we are talking about is filing of income tax return (ITR).
The process of filing tax returns has significantly evolved over the years, largely due to extensive use of technology. Even though the entire process can now be completed in 15-20 minutes, many feel that it is a herculean task. "It is the fear of being caught on the wrong foot by the Income Tax (IT) Department that scares most people in the country," says Archit Gupta, Founder of ClearTax, an e-filing site which claims that more than 3 per cent tax returns in India are filed via its platform.
The Central Board of Direct Taxes (CBDT) has already notified the new forms for this financial year, The deadline for filing ITRs has been fixed as July 31. However, before you dash off to your computer and open the IT Department website, there are a few changes in ITR forms this year that you should know about so that there are fewer chances of making a mistake and getting an IT Department notice.
- Opting for incorrect assessment year
- Selecting the wrong ITR form
- Providing incorrect communication details
- Feeding in incorrect TAN details of employer
- Closing the income tax refund bank account
- Forgetting to verify ITR data with tax department's data against your PAN number
- Failing to declare all sources of income
- Trying to file separate ITRs based on multiple Form16s
- Not reporting foreign assets and accounts