CA Sunil Kumar Jain22 minutes ago
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If your income comes under the purview of the tax slab, then you need to fill the Income Tax Return (ITR). Often people miss the ITR. This increases the possibility of getting income tax notice. Revised ITR filling can be fined. This time the last date for filing ITR has been extended from 31 July to 15 September.
While filling the returns, keep these 10 things in mind …
1. Do not choose the wrong form, fill the correct form according to the profession There are forms from ITR-1 to 7 for different types of taxpayers. If there is income from salary, bank interest, pension or house, ITR-1 should be filled. Show the dividend income and capital gains from the share in your returns. Notice can be obtained from the Income Tax Department for filling the wrong return form.
2. If you have spent big, then it is important to clear the source of income If you have spent big. For example, the annual electricity bill has come more than one lakh. If you have spent big spends like buying more than 10 lakh or expensive cars on a credit card or have spent big on foreign travel, then income tax notice can be received if there is no coordination between your income and expenses.
3. Need to match the details of Form 26AS, Form 16 Cross-26 AS and Form-16 or TDS Certificate before filling ITR. Learn the reason if the details are different. Get fix with the employer. The refund may decrease. Income is necessary to match AIS (Annual Information Statement) and TIS (Taxpayers Income Summer).
4. Do not make mistakes from bank accounts to personal information Name, address, mail ID, phone number, pan, date of date, etc. in ITR should be written perfectly. It should be found with your PAN card. If you are claiming refund then your bank details should also be correct. If you have more than one bank account, then fill the details of all.
5. Fines up to 200% for not telling all sources of income Declare all sources of income. Hiding income from other sources may impose a fine of 50% to 200% of tax liability. Fill information related to your foreign income, assets, accounts and shares in the prescribed format in ITR. Whether that income is taxable in India or not.
6. Do not hide tax -exempted income from agriculture While filing income tax returns, a big mistake is not to be declared to be declared. Like agricultural income is tax free. Profit share from partner firm is tax free. If you have income from it, enter it in the prescribed column. This is necessary to present a complete picture of your financial transactions.
7. If more than one job has changed in the financial year, then be alert If the job has changed, then give Form 16 from the old employer to the new employer. So that the new employer can cut the correct TDS. Can get proper benefits of standard deduction. Not giving information, it may be that both employers have got the benefit of standard deduction, which is wrong. You may have to pay more tax during returns.
8. Do not make wrong claims while taking advantage of HRA Under the Old Tax Reseem, salaried as a part of their salary can claim HRA exemption. For valid claims, rent agreement, rent receipts and the landlord’s PAN number is required at 1 lakh+ annual rent. The residence in the rent complex is also necessary, as the department can verify your claim.
9. PAN card should not be inactive and linked to Aadhaar The Income Tax Department can impose a fine of up to 10 thousand on those whose PAN card has been inward. If PAN and Aadhaar are not linked then you will not be able to fill the ITR.
10. Do not miss e-verification E-verification is necessary after filing ITR. If you are unable to do this for any reason, then in 30 days of the filing, send the ITR-V form and send it to the Centralized Processing Center (CPC) from the post.