Key Points to Note While E-Filing Your Tax Returns

• Bank Account Validation for Refunds
• Contributions to Employee Health Scheme (EHS)
• Family Pension for Pensioners
• Retirement Benefits

1. Bank Account Validation for Refunds

If you are eligible for a refund, ensure to revalidate your bank account. Use the OTP method to select the bank account linked with your PAN card.

2. Contributions to Employee Health Scheme (EHS)

Contributions to the EHS should be shown under Section 80G, as it is not health insurance. Section 80D pertains to health insurance policies from IRDAI-approved companies. EHS is an employee health scheme, not a health insurance policy.

3. Family Pension for Pensioners

Pensioners should include any family pension received in addition to their regular pension. Family pension income has an exemption of up to ₹15,000.

4. Retirement Benefits

Retired employees must report any commutation, gratuity, or leave encashment benefits received. These retirement benefits are eligible for exemptions but must be reported as income.

If you have received a large sum into your account from these benefits, you must disclose it in your ITR, especially if you are using the amount for property purchase, fixed deposits, or mutual fund investments.

High-value transactions are easily detected in the Annual Information Return (AIR), and failing to report such income may lead to your return being rejected.