5 Mistakes you must avoid while Filing Income Tax Returns
Avoid these 5 mistakes while filling ITR otherwise Income Tax department will send Notice
ITR: Taxpayers sometimes do not fill the interest received on FD, RD, Tax Saving Deposit Scheme, Savings Account Deposit Infrastructure Bonds while filing returns.
Only 5 days are left to file ITR (Income Tax Return). In such a situation, if you are preparing to file your income tax return today or in these remaining days, then definitely avoid making some common mistakes. The Income Tax Department marks your minor mistakes and sends notices. In this case, if you do not want to receive notice after filing the return, then file the return carefully. We are advising you to avoid those 5 mistakes.
1. Not reporting interest income
Only 5 days are left to file ITR (Income Tax Return). In such a situation, if you are preparing to file your income tax return today or in these remaining days, then definitely avoid making some common mistakes. The Income Tax Department marks your minor mistakes and sends notices. In this case, if you do not want to receive notice after filing the return, then file the return carefully. We are advising you to avoid those 5 mistakes.
2. Hiding FD details
Many times taxpayers open different FD accounts in different branches of the same bank. They feel that TDS will not be deducted from this. But this does not happen, because the IT department already has information about all your types of accounts. If you have not given information about the interest received on all your TDS accounts, then penalty can be imposed on it. Therefore, before filing the return, the taxpayer must check his Form 26AS.
3. Non-deposit of TDS on property
If you have bought a residential property worth Rs 50 lakh or more in the last financial year and haven’t deposited 1 per cent TDS on it within a week, you will be sent a notice and fined Rs 1 lakh. TDS will have to be paid at 30 per cent on the purchase of such property by an NRI. Apart from this, if you have an account in a foreign bank or have bought any property, then hiding its information will attract a fine of Rs 10 lakh.
4. Not telling the salary of the previous company
If you have changed the job in the last financial year but you have not filled any information about the salary received there, even then the IT department can send you a notice. This is because neither you have given information about salary nor you have told about TDS. Remember this that the Income Tax Department has complete information about the transactions that happen in each of your accounts. That’s why you must also tell about the salary received from the old company.
5. Misuse of Form 15G or 15H
Form 15G and H is a kind of declaration form which has to be filled and given by those earning less than tax exemption. Form 15G has to be filled by people below 60 years of age, whose salary is equal to tax exemption. Form 15H is to be filled by senior citizens. If you used this form wrongly or gave any such information which was found wrong during checking, then you can also be jailed.
How to recognise mistakes
The IT department has now started checking the tax records very closely. Many times errors are seen in the system of the department, some of which are due to calculation and some are of serious nature, on which the department can impose a penalty of 300%. To avoid this penalty, taxpayers should take care of these things mentioned below.
