Income Tax Notice: Keep these things in mind while paying income tax, otherwise a notice will come to your home..
The last date for filing income tax for the financial year 2024 is 31st July. After this, taxpayers may be penalized for filing returns. In such a situation, you must deposit income tax on time. However, some precautions should be taken before filing income tax. So that future problems can be avoided. We tell you about these precautions here.
Choosing the right form
You should choose the right form to pay income tax. If you do not do this, then after filing income tax, you may also get a notice and the IT department can also impose a fine on you. Give details of all sources of income.
Give information about all sources of income.
While filing ITR, taxpayers should give details of all their sources of income. Savings account, dividend, interest income, income from rent, tax-free income, and what gifts have been received during the year. Complete information should be given about this.
Home loan exemption
If a taxpayer earns income from salary, then a part of his salary comes in the form of HRA, which he gets tax exemption. Along with this, home loan exemption is also given in the old tax regime. All these must be claimed while paying tax.
Check the Annual Information Statement
This gives complete information about all your financial transactions, investments, cash deposits, dividends, fixed deposits, etc. You can easily get SIS from the income tax portal. It should match the taxpayers' data. Before investing, consult an expert, and give him complete information about your income-expenditure and savings.
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