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ITR filing precautions - Full List | Late fee, penalty, punishment Income Tax
April, 30th 2019

Income Tax Return Filing season is here, and many of you must be planning to file ITR soon. So, here we bring you the full list of precautions which should be kept in mind and exercised while filing the return of income so as to avoid any penalty, extra charges and punishment.

What precautions should be taken while filing the return of income?

The following are the important steps/points/precautions to be kept in mind while filing the return of income:-

1) The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing the return of income/ Loss (other than house property loss):

a. Losses cannot be carried forward.
b. Levy of interest under section 234A.
c. Late filing fees under section 234F is levied for return filed from A.Y 2018-19 onwards. Late filing fee of Rs. 5,000 shall be payable if return furnished after due date but before 31st December of the assessment year. In other cases, late filing fees of Rs. 10,000 is payable. However amount of late filing fees to be paid cannot exceed Rs. 1,000, if total income does not exceed Rs. 5 Lakh.
d. Exemptions under section 10A, section 10B, are not available.
e. Deduction under 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, are not available.
f. Deduction under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB are not available. (From A.Y 2018-19)
g. Belated return cannot be revised under section 139(5) till A.Y 2016-17. However, from A.Y 2017-18, even a belated can be revised by the taxpayer.

2) Taxpayer should download Form 26AS and should confirm actual TDS/TCS/Tax paid. If any discrepancy is observed then suitable action should be taken to reconcile it.

3) Compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions is to be claimed, books of account and balance sheet and P&L A/c (if applicable), etc.

4) No documents are to be attached along with the return of income. The taxpayer should identify the correct return form applicable in his case. Carefully provide all the information in the return form. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.

5) Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.

6) After filling all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income. In case return is filed electronically without digital signature and without electronic verification code do not forget to post the acknowledgement of filing the return of income at CPC Bangalore within 120 days of filing return of income.

7) For details on e-filing please log on to

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