Saturday, January 28, 2023

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.

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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.

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