Friday, September 30, 2022

FIVE SMALL MISTAKES TO AVOID WHILE FILLING UP THE ITR FORM

As the extensive deadline of filing Income Tax Return (ITR) for the financial year 2019-2020 i.e. assessment year 2020-2021, is fast progressing, I wish to point out some common mistakes which you need to evade while filling up ITR forms particularly who those who file it themselves.

ENSURE THE PRE-VALIDATED BANK ACCOUNT IS OPERATIVE

Presently the income tax returns are straight credited to the bank account which is pre-validated. So it is essential for you to verify which bank account is pre-validated. In case no account is pre-validated or the one which is pre-validated is no longer in use, ensure to pre-validate the bank account that is influential and where you want your income tax return to be credited. In case you are considering closing any of the existing bank accounts like the salary account of an earlier employer, please do not select the same for receiving the return.

DETAILS OF TAN OF THE TAX DEDUCTOR AND TAXES PAID

Since we are not authorized to attach/upload any document with ITR including the certificate for proof of payment of taxes, the credit for taxes paid is granted on the basis of reports available with the tax department and which displays in your form no. 26AS.

ALSO CHECK: Get an amazing discount with Buy Wow Coupon Code and The Man Company Coupons

Though the details of TDS are usually prefilled in some of the ITR forms, you still have to be alert while providing details of the deductor in case the details are not summoned directly. In case you perform any mistake in mentioning TAN details of the deductor in your ITR, in all probability you will not get the credit for such TDS at the time of processing of your ITR. This will end in useless work for rectification request and delay in receipt of refund if any.

In case you have paid advance tax and or self-assessment, you may have to provide the details of such payments like challan number and BSR code for such payment. So in case of any mistake, you may not get the credit at the time of preparing your ITR.

DETAILS OF CAPITAL GAINS

In case you have received any capital gains throughout the year, you have to be very attentive while filling up the details of such capital gains. The schedule in honor of capital gains is very complex for a layman to understand and to be ready to fill up accurately. For capital gains, you are asked to pay the advance tax on the due date of advance tax happening due after such a transaction. So you have to give the break up of capital gains corresponding to the due dates of advance tax. Be attentive while filling up the break up of capital gains in ITR, failing which you may have to pay more attention than what is due. Moreover one has to submit the break up of the short-term capital gains and long-term capital gains on the basis of the rate of tax-relevant under various subheads. So you have to be extra cautious while providing these details in the capital gains schedule. Any mistake will result in incorrect tax liability. In case you have many activities of capital gains or you have sold any assets during the year, I will strongly advise you to avail the services of an expert to help you file your ITR rather than you doing it yourself.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img

Most Popular

spot_img

Latest

Nora Fatehi Stunning Look: Nora Fatehi dropped her beauty in a yellow dress, sometimes with wavy hair sometimes looked amazing!

Nora Fatehi was spotted in a splendid style once more, and I'm not sure what magic happened to Nora that kept the viewers staring...

Photos: Now the railway stations of India will look more luxurious than the airport, the picture will be like this in the coming few...

Indian Railways' proposal for redevelopment of railway stations in New Delhi, Ahmedabad, and Mumbai has been approved. Around Rs, 10,000 crores is being invested...

Country’s most affordable electric vehicle debuts: With a starting price of Rs. 8.49 lakh and a range of 315 kilometres, Tata introduces the Tiago...

Today, Tata Motors unveiled the electric version of the Tata Tiago, a well-liked hatchback. It has an initial cost of Rs. 8.49 lakh. This...

FD Return: According to the annual inflation rate, understand the FD returns of these 5 banks, see how you will get the benefit

Inflation And Actual Return on FD:  If you are thinking of investing your money then this news can be useful for you. It is...

In online transactions, we are more cautious when: India leads the globe in multi-factor security adoption, with a utilisation rate of 66% and a...

When it comes to the acceptance and use of Multi-Factor Authentication, the nation is experiencing the fastest growth in the globe (MFA). The use...

Most Popular

Subscribe

* indicates required