Tipping point

Is it important to disclose exempted income when filing returns?
It helps to disclose exempted income like dividend received on mutual funds, long-term capital gain on securities and interest from PPF at the time of filing returns. While nothing happens if you don't do so and the income continues to remain exempt, this helps in accurate computation of returns. Income tax return forms have a column for this, making it important

What other details should be included ?
Interest earned on savings bank accounts is often omitted by many but that is a taxable component and should be disclosed. Bank account details like correct account number and MICR code should be given, so as to receive refunds without any hassles. In case of an error, you will have to give a cancelled cheque, showing correct particulars