Categories: Business

mistakes to avoid when filing income tax return

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Income Tax Return

new Delhi. It is the responsibility of everyone to give correct information of their income and pay taxes on time. But, often people make some mistakes while filling ITR. Many people prefer to file ITR easily at home so that they can get the return quickly. But some people do not have full knowledge, often they make mistakes while filing income tax returns, which causes ITR to be canceled and Have to suffer the brunt Therefore, it is very important that if you are filing ITR by yourself, then take care of some things and avoid the trouble later.

1.right ITR Fill out the form:

Always fill the form according to your income. If you are salaried then fill the ITR (Sahaj) form and if there is business or any other work, then a separate form has to be filled for it, such as ITR2, ITR3, ITR 4 (Sugam), ITR5 or ITR6. It is important that you fill the form according to your business and income. Note that there are amendments in the income tax form, so make sure that the form that was filled last year is to be filled there or there are some changes. Accordingly check your tax slab and select the correct form.

2. Right to your income Provide information:

When filing income tax return, it is most important that you give correct information of income. While filling ITR, tell the correct income, such as if you are earning income from any interest, income from property (rent) or any other business you are earning, then give information about everything. Also mention the benefits of Section 80C such as investment like PPF, ELSS, Home Loan, Insurance, etc. If you have not done so, you can get notice from the Income Tax Department.

3.State the interest received from all bank accounts:

Note that you will not be able to hide anything from the Income Tax Department because your PAN card is linked to every account, so all your income details are detected. Therefore, whatever information is received from all bank accounts, please give information while filling the form.

4. Form 26Provide correct TDS information with AS:

For correct returns, it is very important that you check the Form 26AS whether the correct TDS has been deducted or not. Forms 16, 16A, 16B are all recommended to be checked simultaneously to ascertain the correct TDS deduction. Whether or not the correct TDS is deducted through your PAN information, it can also be found from all the information filled in Form 26AS. Always check all the information carefully. In Form 26AS, all taxes are shown by deducting together which is TDS. Always check whether all the information is correct or not. If you believe that an incorrect source has been reported and TDS has been deducted, then report it immediately. You cannot withdraw the amount of incorrect deductions in TDS based on your PAN after a deadline. Therefore, carefully check the details of all the income details filled in the 26AS form.

5.in time ITR File:

Most people have started filling ITRs online, so it has been seen that the Income Tax Department's portal hangs or crashes at the last date. In such a situation, to avoid these problems, file your income tax return on time. Avoid filling the form at the last minute. Filling the ITR late may also lead to you losing some of the facilities along with the fine. So file your ITR on time.

6. Fill in the tax declaration correctly and claim:

Always fill in the declaration of correct tax information in your company. If what you have told in the Declaration, if you do not prove it by giving correct proof at the end of the year, then its information will not be filled in Form 16. But you can claim ITR yourself later by giving the correct proof. Always report the correct investment. Just because TDS is not deducted from your salary, you show some investment at first, but later you may have to take a loss together due to incorrect and not complete investment proof.

Note that if you have income, bank account or any investment from any foreign property, then also mention it or else a heavy penalty may have to be paid later. Always file ITR only with the information of a CA or tax expert, because there are many tax related charges which are not understandable by the common taxpayer and fill the wrong form. Pay tax at the right time and be protected from penalty.

This post was published on June 15, 2020 11:10 pm

Content Team

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