Income Tax Tips: Keep these things in mind while paying income tax, otherwise you will suffer a big loss...
Salaried employees will get Form-16 by this month. By taking some precautions, taxpayers can avoid the notice of the Income Tax Department.
Do this work first
If you have not yet linked PAN and Aadhaar, then complete this work first.
If you want to get a full refund on time then check your mobile and PAN number with your bank. If there is any error please write to the bank for KY.
Avoid these mistakes
Incorrect personal information: While filling the ITR form, taxpayers should ensure that all the personal information like name, PAN, address, and bank account details are filled correctly in the form.
Choosing the wrong ITR form: The taxpayer needs to choose the right ITR form depending on the source of income and type of income. Filling out the wrong form can lead to problems and fines.
Not giving complete information about income: Information about income from all sources including salary, interest income, rental income, and capital gains will have to be given in ITR. Hiding this may result in a fine for tax evasion.
Ignoring TDS: Must mention the details of TDS from Form 16 and 16-A issued by the employer or deductor in the ITR. Failure to provide correct TDS information may result in a penalty.
Incomplete information on investments and deductions: Correctly declare all investments, expenses, and deductions to claim eligible tax benefits under Sections 80C, 80D, and 80G of the Income Tax Act. Failure to do so may increase tax liability.
Hiding interest income: The taxpayer must provide correct information about interest earned from a savings account, FD, or other sources. Disclosure of interest income is mandatory.
Form-26AS mismatch: All details filled in ITR should match with the Annual Information Statement (AIS) and Form 26AS. This can be achieved by downloading the AIS app. It contains details of your income tax information.
Not filing ITR on time: The last date for filing ITR may vary depending on your tax bracket, so check it properly. Late filing of ITR may result in a penalty.
Not verifying ITR: After filing ITR online, ensure to verify it electronically (through OTP or net banking). Without this, the process will not be completed. ITR can also be verified by sending it to the department's address.
Not maintaining necessary records: Maintain records of all documents, receipts, and evidence related to income, investments, and tax deductions. These may be required for verification or in case of any future tax investigation
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