10 Mistakes Taxpayer make while filing Income Tax Returns

News & Updates One comment

Hello Dear Readers,

We are Sharing With You Ten Mistakes Taxpayer make while filing Income Tax Returns . So kindly Check Out our http://www.castudynotes.com website to avoid mistakes.

CA STUDY NOTES

Ten Mistakes Taxpayer make while filing Income Tax Returns (ITRs):

1. Wrong ITR

Selecting the wrong ITR may lead to notices and later revision. Many Salaried file ITR 1, however, they are liable to file ITR 2

2. Not claiming Interest Deductions

Few Miss to claim 80TTA and 80TTB deductions

3. Two salaries- Disclose only One

In a few cases when you have received a salary from more than one employee, you need to disclose all your salary income

4. Forget to disclose Shareholding/Directorship Pvt. Ltd

Holding Shares in Private Limited or Directorship needs to be Disclosed

5. Not disclosing foreign a/c shares etc.

Disclosure of foreign assets in ITR is mandatory for resident taxpayers who own specified foreign assets

6. Not checking AIS/TIS Reconciliation

A few times Income as per AIS / TIS income additional details are not checked and updated

7. Not claiming Senior citizen Medical expense

Senior Citizens who do not have Mediclaim Insurance can claim a 50k deduction on expenditure incurred on Medical Treatment

8. Deduction not claimed in Form 16 can be claimed while ITR filing

80C, 80D to 80U can be claimed. HRA can be Claimed but LTA cannot. Be sure of what can be claimed and what cannot

9. Not verifying ITR-30 days

ITR uploaded but not Verified within 30 days makes it Invalid

10. Maintain documents and evidence-10 years

Its good practice to maintain all exemption and deductions claimed documents as evidence for 10 years

Thanks for reading Share it with your friends.

Share this Post with your friends & help them to Save.

Here all materials, PDFs are provided from various available sources, as we never own them, or scan them, we ar just facilitators, so we are not intentionally violating any laws, still if you feel that something should not be on site, you can contact us through email: infocanotes@gmail.com

JOIN OUR MAILING LIST:

Subscribe to hear from us about new addition to castudynotes.com website and other important stuff.

All PDF which are provided here are for Education purposes only. Please utilize them for building your knowledge. We request you to respect our Hard Work. Our Intention is to provide free Study Materials for all Aspirants and we believe Education Should be free for All, and for the same reason, we gathered everything and assembled at one place.

Disclaimer:-

castudynotes.com does not own this Materials, Test Series or anything we share, neither created nor scanned. we just providing the links already available on Internet. and also we doesn’t Own any trademarks or copyrights of any institute, Teachers and others which we share are purely for Education purpose only and all copyrights and Trademarks lies with the respective Institutes/Comapanies only. We don’t intend to either harm or encash your hard work, if any way you feel that our content violates any Copyrights or any privacy laws or if you have any issue, please let us know at infocanotes@gmail.com and we will definitely try to provide possible solution for the same. Thank you.

One comment

kindly Leave a Reply Here