Some Mistakes Taxpayers Usually Makes while filing their income Tax Returns (ITR)

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Mistakes tax Payers usually makes in ITR .

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๐’๐จ๐ฆ๐ž ๐Œ๐ข๐ฌ๐ญ๐š๐ค๐ž๐ฌ ๐ญ๐š๐ฑ๐ฉ๐š๐ฒ๐ž๐ซ๐ฌ ๐ฎ๐ฌ๐ฎ๐š๐ฅ๐ฅ๐ฒ ๐ฆ๐š๐ค๐ž๐ฌ ๐ฐ๐ก๐ข๐ฅ๐ž ๐Ÿ๐ข๐ฅ๐ข๐ง๐  ๐ญ๐ก๐ž๐ข๐ซ ๐ข๐ง๐œ๐จ๐ฆ๐ž ๐ญ๐š๐ฑ ๐ซ๐ž๐ญ๐ฎ๐ซ๐ง๐ฌ :-

1) ๐๐จ๐ญ ๐๐ข๐ฌ๐œ๐ฅ๐จ๐ฌ๐ข๐ง๐  ๐š๐ฅ๐ฅ ๐›๐š๐ง๐ค ๐š๐œ๐œ๐จ๐ฎ๐ง๐ญ๐ฌ – in future if income tax identifies non-disclosure may send notice. Current tax laws also require you to provide details of all bank accounts that were closed during the financial year.

2) ๐๐จ๐ญ ๐ฌ๐ก๐จ๐ฐ๐ข๐ง๐  ๐ž๐ฑ๐ž๐ฆ๐ฉ๐ญ ๐ข๐ง๐œ๐จ๐ฆ๐ž ๐ฅ๐ข๐ค๐ž ๐ข๐ง๐ญ๐ž๐ซ๐ž๐ฌ๐ญ, ๐ ๐ข๐Ÿ๐ญ ๐ซ๐ž๐œ๐ž๐ข๐ฏ๐ž๐ – Mentioning all of these different incomes along with their sources is mandatory at the time of filing ITR even if such income is exempt from tax.

3) ๐๐จ๐ญ ๐ฌ๐ก๐จ๐ฐ๐ข๐ง๐  ๐‚๐š๐ฉ๐ข๐ญ๐š๐ฅ ๐ฅ๐จ๐ฌ๐ฌ – Many tax filers especially omit details of Capital Gains and losses when submitting their ITR, may have serious consequences, such as an Income Tax Audit.

4) ๐๐จ๐ญ ๐ฌ๐ก๐จ๐ฐ๐ข๐ง๐  ๐ญ๐ซ๐š๐๐ข๐ง๐  ๐ข๐ง๐œ๐จ๐ฆ๐ž ๐ข๐ง ๐ฌ๐ก๐š๐ซ๐ž๐ฌ – With AIS and TIS showing your share trading transaction, it is impossible now to skip.

5) ๐”๐ฌ๐ข๐ง๐  ๐“๐ก๐ž ๐–๐ซ๐จ๐ง๐  ๐ˆ๐“๐‘ ๐…๐จ๐ซ๐ฆ – Using the incorrect form results in a defective filing which will get rejected by the Income Tax Department.

6) ๐๐จ๐ญ ๐ฏ๐ž๐ซ๐ข๐Ÿ๐ฒ๐ข๐ง๐  ๐ˆ๐“๐‘ ๐จ๐ง ๐ญ๐ข๐ฆ๐ž – Tax filing process is incomplete until you have verified your income tax return. Currently, you have 120 days to verify your ITR after uploading form.

7) ๐๐จ๐ญ ๐ฌ๐ก๐จ๐ฐ๐ข๐ง๐  ๐Ÿ๐จ๐ซ๐ž๐ข๐ ๐ง ๐š๐ฌ๐ฌ๐ž๐ญ๐ฌ – Resident having foreign bank accounts or any assets like share, equity holding in foreign company etc. need to disclose in ITR.

8 ) ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐  ๐ข๐ง๐œ๐จ๐ฆ๐ž๐ฌ ๐š๐Ÿ๐ญ๐ž๐ซ ๐๐ž๐๐ฎ๐œ๐ญ๐ข๐ง๐  ๐“๐ƒ๐’ – Few Taxpayers sees the bankโ€™s statement and enters the receipt amount as income, not considering the fact that the receipts are after deduction of TDS.

9) ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐  ๐จ๐ง๐ฅ๐ฒ ๐จ๐ง๐ž ๐ฌ๐š๐ฅ๐š๐ซ๐ฒ ๐ข๐ง๐œ๐จ๐ฆ๐ž -when you switch jobs during the financial year, you miss out on reporting the income from the previous job.

10) ๐๐จ๐ญ ๐ฌ๐ก๐จ๐ฐ๐ข๐ง๐  ๐ฌ๐ก๐š๐ซ๐ž๐ฌ ๐ก๐จ๐ฅ๐๐ข๐ง๐  ๐ข๐ง ๐œ๐จ๐ฆ๐ฉ๐š๐ง๐ฒ – If you are holding unlisted shares of any company registered under the Companies Act, 2013, then the details of these shares are to be reported in your ITR filing.

11) ๐…๐š๐ข๐ฅ๐ฎ๐ซ๐ž ๐ญ๐จ ๐ซ๐ž๐œ๐จ๐ง๐œ๐ข๐ฅ๐ž ๐ข๐ง๐œ๐จ๐ฆ๐ž ๐š๐ง๐ ๐ซ๐ž๐œ๐ž๐ข๐ฉ๐ญ – Taxpayers filing need to reconcile all receipts and income with Form 26AS, AIS and TIS before filing ITR.

12) ๐๐จ๐ญ ๐๐ซ๐ž-๐•๐š๐ฅ๐ข๐๐š๐ญ๐ข๐ง๐  ๐˜๐จ๐ฎ๐ซ ๐๐š๐ง๐ค ๐€๐œ๐œ๐จ๐ฎ๐ง๐ญ- If you have not prevalidated your bank account, the IT Department will not be able to credit the income tax refund due to you.

13) ๐๐จ๐ญ ๐ƒ๐ž๐œ๐ฅ๐š๐ซ๐ข๐ง๐  ๐ˆ๐ง๐œ๐จ๐ฆ๐ž ๐„๐š๐ซ๐ง๐ž๐ ๐๐ฒ ๐Œ๐ข๐ง๐จ๐ซ ๐‚๐ก๐ข๐ฅ๐๐ซ๐ž๐ง – The income of a minor child is treated the same as income earned by the parent, so requires clubbing of income with parents.

14) ๐Œ๐ข๐ฌ๐ฌ๐ข๐ง๐  ๐“๐ก๐ž ๐ƒ๐ฎ๐ž ๐ƒ๐š๐ญ๐ž ๐…๐จ๐ซ ๐…๐ข๐ฅ๐ข๐ง๐  ๐‘๐ž๐ญ๐ฎ๐ซ๐ง๐ฌ ๐จ๐ซ ๐๐จ๐ญ ๐…๐ข๐ฅ๐ข๐ง๐  ๐˜๐จ๐ฎ๐ซ ๐ˆ๐ง๐œ๐จ๐ฆ๐ž ๐“๐š๐ฑ ๐‘๐ž๐ญ๐ฎ๐ซ๐ง๐ฌ – While missing the deadline for filing returns can be taken care by paying penalty, non filing can invite the Income Tax Department to launch legal proceedings against you.

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