Useful thing: be careful while filing income tax returns, you may have to make these 8 mistakes

Useful thing: be careful while filing income tax returns, you may have to make these 8 mistakes

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  • Income Tax Return; Income Tax; Take Care While Filing Your Income Tax Return, You May Have To Make These 8 Mistakes

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new Delhi17 days ago

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Fill all your information in the correct ITR form - Filmytales

Fill all your information in the correct ITR form

  • ITR for FY 2019-20 to be filled by 10 January
  • Always give correct information about your income

The Income Tax Department has extended the deadline for filing income tax returns for the financial year 2019-2020 till 10 January. In such a situation, if you have not yet filed the return, then do it as soon as possible, because now there is only a few days left in the deadline. You should be careful while filing returns. Because you may face trouble if you make a mistake.

Choose the correct ITR form
The Income Tax Department has prescribed several ITR forms. You have to choose your ITR form carefully based on the means of your income, otherwise the Income Tax Department will reject it and you will be asked to file the revised return (Revised Return) under section 139 (5) of Income Tax.

Give correct information of income
Always give correct information about your income. If you do not know all your sources of income intentionally or accidentally, then you can get notice of Income Tax Department. Information like savings account interest and house rent income is also to be provided. Because these incomes also come under the tax net.

Failure to fill bank account details
Many people do not give details of all their bank accounts from which they have transacted in that financial year. It is wrong to do so, as the Income Tax Department has clearly stated in its Act that it is necessary to give information of all the bank accounts registered in its name to the taxpayers.

Be sure to download Form 26AS and match your income to it
Form 26AS or Tax Credit Statement gives all the information about payment of TDS deducted on your income. Do check it before claiming your tax refund. The taxpayer is asked to combine income from Form 26AS and Form 16 / 16A before filing his income tax return. This will protect you from any kind of mistake in the tax calculation, which will enable you to file a correct tax return.

Correct information on tax slab is necessary
During the return filing, it is very important to have the correct knowledge of your earnings and slabs. It is necessary to file ITR based on which tax slab you fall into.

Verify tax return
Many people feel that their work is over after filling the tax return, but you have to verify it after filing the tax return. You can e-verify your tax return from the e-filing portal of your income tax or verify it by sending CPC-Bengaluru.

Give correct personal information
Fill all your information in the correct ITR form. Keep in mind that information like spelling of your name, full address, email, contact number should be same in your PAN, ITR and Aadhaar. Enter the mobile number on which SMS can come. You will find it difficult to get a refund if you give incorrect information. Incorrect information may cost you dearly.

Do not wait for the last date
Most people wait for the last date to file Income Tax Return (ITR). In such a situation, if you make any mistake, you do not get time to rectify it. Therefore, if you want to avoid any mistake, do not wait for the last date and file the return in advance.

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