THINGS TO BE KEEP IN MIND WHILE FILLING ITR:

Most taxpayers include their own ITR. As tax on complicated law, the average taxpayer will inevitably make some mistakes while filling outITR forms.

In this article I try  to discuss some of the most common mistakes made by individual taxpayers while completing the ITR and can be avoided.

(A) Completing the CG schedule of gain

·       The Capital Gain part  is the most complex part of the entire ITR form.

 

·       There are various hosting time requirements for different classes of

eligible assets as long-term financial assets. Or there are different tax rates for short term and Long term.

 

·       There are different categories of long-term and short-term profits.

 

·       And included diversity exemptions obtained in respect of the long-term financial gain completing the Capital gain schedule is a complex job for even a very experienced Chartered Accountant.

 

·       Therefore I the average taxpayer need to be careful while filling out. Be careful not to split your file benefits taxable on each payment in the fourth quarter of the early calculation of tax liability such as,

The law requires you to pay tax on the income you earn from Balance installments that should fall after the amount received.

 

·        A small mistake can be costly with high interest.

 

 

 

·       Similarly, you are also required to provide details of the capital profits available at different prices. Any incorrect information provided may result in to improper payment of taxes and issuing a notice by the revenue department, i.e. unnecessary harrasement.

(B) Email ID and mobile number:

·       With the era of digital, Now a days, the tax department is increasingly relying on electronics communication.

 

·       So instead of sending you physical contact,

 

·       The department these days sending all communications including various notifications to email address and mobile phone number registered with them.

 

·       So it's important to you ensure that this information is up to date with the tax department.

 

·       Hence,  please confirm that,

 

·       The current email address and mobile phone number are the same as the first entry of ITR form according to their records.

 

·       In case you change your mobile number or email address recently, please update the same under your profile also.

 

·       Please do not use email address and mobile number provided by employer but you should use your own email address and mobile number to ensure there is no issue in case you change your work-place.

 

·       (C ) Refundable bank account details:

 

·       As the tax department in most cases issues a tax refund on direct bank account, it is important that you verify the banking details of your choice

·       The tax return is accurate. In case you have already given

·       incorrect information about your refund bank, refund will not be received by you.

 

·       To get such a refund, you will have to go through a boring process of

·       to apply for a refund.

 

·       Hence, make sure following details like

·       The account number,

·       IFSC code etc is clearly stated.

 

·       If possible, do not provide bank details of a account in a return for which you plan to close soon.

 

·       Employers usually ask new employees to open a bank account as required the employer & policy of corporate world.

 

·       If possible, do not use such an account and use it instead your bank account as you can close it after you quit work without realizing it provided details of the same account for your tax refund.

 

·       (D) Tax details withheld and paid:

·       As taxpayers are not permitted to submit any document as proof of payment of tax through ITR, TDS credit is provided on the basis of taxable information

·       Provided in ITR form.

 

·       So when filling in the TDS details, please verify that the TAN number for

·       Deductor as well as form no. 26AS i.e. tds,  the tax you pay.

·       Please make sure the details of the challan number and BSR code for prepaid tax also, self-assessment tax reflects well on the ITR.

 

·       In the event of a minor error,

·       you may not be able to get a tax credit and you may also receive a tax notice accordingly.

 

·       To fix this issue you will have to get into the difficulty of fixing the filling

·       Application  under section 154 to correct the error.

 

·       (E ) External bank accounts in case you are a resident:

 

·       Those of you who have lived abroad even for a short time and have opened a bank account must send the same information as that account / accounts if the same one is not closed before returning to India.

 

·       Keep in mind friends, You should do this even if you have canceled everything

·       balance to withdraw an account.

 

·       In the event that any bank account remains in your name not yet closed, you cannot use the simple ITR which is file ITR 1.

 

·       But, In Such case,  you will have to use ITR 2 and provide details of those bank accounts.

 

·       So those of you who are abroad please make sure you close your bank account before you come return to India to avoid the need to submit a comprehensive ITR form .