Do not forget about ITR filing, these mistakes may come, Notice

Taxpayers often make some common mistakes when filing income tax returns. Taxpayers may have problems due to these small drawbacks and even a tax notice can come to them. We will tell about some of the common mistakes in this news that taxpayers knowingly ignore. It is worth mentioning that the last date for filing of ITR for the financial year 2016-17 is 31 July 2017.

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Do not disclose interest income: It is important for every taxpayer to disclose all interest income received during the last financial year during tax filing. Taxpayers usually forget to disclose the interest income received on Savings Bank Account, Fixed Deposit and Recurring Deposits. It is mentioned in Income from Other Source. The interest paid on fixed and recurring deposits is fully taxable, although the interest received on the Saving Bank account comes under the scope of a limit up to a limit of Rs 10,000 per annum.

Not filing income tax returns: A lot of people do not file ITR returns. These are some people who get long term capital gains which come under the tax exemption limit. However, let us tell you that some long term people come under the scope of exemption. Without this, their gross total income tax remains below the exemption limit. However, according to the amendment made in section 139 (1), if the amount of your long-term capital gain and the addition of your gross total income exceeds the minimum exemption limit then you have to file an income tax return.

Claiming incorrect TDS amounts:

If you claim wrong TDS amounts in your ITR, then the probability of this is that the Income Tax Department should send you a notice for it. So it's better that you do not do this.

Not giving deposit information during the note-taking:

After the decision of the Central Government to cancel the ban on November 8, a lot of people have deposited in huge amount of cash in banks. You will also have to mention this also. In view of this, the department can send you a notice.

In case of non-verification of returns:

As a tax payer, it is not enough just to fill the ITR, it is also necessary for you to get it verified. So do not forget to validate your ITR. We have given detailed information about ITR verification through our previous news. You can read it from the link below Source: Dainik jagran

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