Simply Save podcast | Filing your income tax returns? Here’s a do's and don'ts checklist

December 31, the extended due date for filing income tax returns for the financial year 2019-20 is drawing closer. It is important to complete the process by this date to avoid delayed refunds and penalties that can result from delayed filing.

It’s best to start the process well ahead of the deadline so that technical glitches or unavailability of information or documents at your end do not mar the exercise at the last minute.

It is also an opportunity to claim tax deductions you might have missed out on in your investment declaration filed through your employer. In addition, you must ensure that you avoid common errors that many tax-payers make so that the process is hassle-free. Errors could be as minor as choosing the incorrect assessment year. You must remember that now you will be filing income tax returns for the financial year 2019-20 and, therefore, the assessment year is 2020-21. You should also ensure that you verify your income tax returns after submission, without which the process will be considered incomplete.