Avoid these mistakes while filling Income Tax Return(ITR)
Every year June is very important for the taxpayer. 31st July is the last date of paying income tax return (ITR). However, in some condition it changes. Every year people make a mistake while filing. So they have to bear the troubles. For abstain such a trouble taxpayer have to provide a right information related to income, a source of income and filling a right form. The following information will stop your troubles.
Selection of the wrong form
It has been seen most of the people choose a wrong form. There is about seven to nine form in which you have to choose according to income and class.
Don’t hide personal information
Most of the time people hide their personal information and they didn’t provide the right information about their income. Income tax payer mostly makes mistakes in filling details of pan number, address and bank details. Explore your information before filing ITR. Its major disadvantage is that your refund payment can be stopped. So fill your form with right information.
Disclose the source of income
It’s easy to pay tax for paid people. Actually, form16 provided by the employer is a right certificate. But you have to keep in mind that in form16 it’s not mentioned about interest received on investment or any income. Therefor provide information in ITR form about this information. Income tax department wants information about your income, it may be taxable or not. Many times taxpayers hide such income which is non-taxable or already you have paid. Like income from fixed deposit (FD). Such like income from saving the account. The taxpayer should not hide this information. Click here to know on which source of income you have paid tax.
E-Verification on return
The process of income tax completes when you verify your ITR Form. When you submit the form it sends a notification on registered email which you have to verify. It’s a simply way to print out a copy of it, signed on that and send it to address of Income Tax Department, to fileBanglore through speed post or post office. It should be reached within 120 days. For online tax return, you can verify through digital signature.
If you filing ITR
31st July is the last date to file ITR for this year. But every year it seems that most of the people failed to file ITR. But it’s important to notify you that you can file a form if you missed to file. It allows time of two consecutive years. You can file due upto 31st march if you missed. But can not avail the benefit which provided at right time. You may have to pay panelty.