sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
General »
 Composition Dealers need not furnish data in serial number 4A of Table 4 of FORM GSTR-4
 I-T Dept may probe tax evasion through F&O trades
 IL&FS crisis: ICAI seeks explanation from audit firms
 Arun Jaitley pushes for more tax filing in FY19
 Are you filing Income Tax Return (ITR)? This is where you are trapped! Know what is Form 16 , Form 16A, Form 26AS, TDS statement
 Officials handling GST can assess all No centre-state wall
 How is long-term capital gain from Nabard bonds taxed?
 Himachal Pradesh government notifies TDS and TCS provisions
 Tax law panel may look to drop dividend distribution tax (DDT)
 Lifestyle to refund profiteered amount
 How to club tax benefits and retirement planning to ensure peace of mind

Common mistakes to avoid while filing your Income Tax Returns
July, 18th 2018

Make sure that you do not commit the mistake of ignoring the rules of taxation.

As tax filing deadline inches closer, you may be rushing to collate all your documents to file your returns. But sometimes despite being very careful, we can commit mistakes that can land us in trouble with the tax department.

Amarpal Chadha, Tax Partner & India Mobility Leader, EY India said that it is essential to re-check your ITR form before submission to avoid any incorrect reporting or making your return defective. "One could do a quick check on a few points like - Have you used the right ITR form, Have you captured all sources of income, for example – did you make a profit on bitcoins, have you done a comparison with your last year return, have you looked at your Form 26AS or have you made necessary disclosure of assets, as applicable," he added further.

It is thus, important to keep in mind the points mentioned to avoid committing mistakes while filing ITR. Adhil Shetty, CEO, Bankbazaar told Moneycontrol that assesse should avoid these seven mistakes while filing their income tax returns.

=| With the CBDT notifying seven new forms for the assessment year 2018-19, it is important to identify which form is the right one for you and choose it to file your returns. In case you commit the mistake of filing the wrong form, your ITR will be considered defective.

=| Do not commit the mistake of ignoring the rules of taxation. For example, if you have multiple properties, only one will be considered self-occupied, while the rest of the properties will be considered as let out or rented and will be tax accordingly.

=| Do not commit the mistakes of missing income from any source while filing your ITR. You should include salary, interest earned from Savings Bank Account, Fixed Deposit, etc. In case you miss any detail, you may get a notice from the tax department seeking an explanation.

=| Not updating personal details is another mistake that should be avoided. A change in address and mobile number during a financial year should be mentioned while filing returns.

=| Any mismatch in details of Form 16 and Form 26AS can also land you in trouble. Do check if the tax deduction as mentioned in both the forms are same and there are no incorrect figures.

=| Not being careful about mentioning correct deductions is also a mistake that should be avoided. Do check if you have mentioned each deduction under correct heads.

=| Delaying the process of tax filing should be avoided any cost. From this assessment year, you will have to pay a penalty of Rs.5000 if you file your returns after the due date and by December 31. If you file it after December 31, a fine of Rs 10000 will be levied.

By keeping these points in mind, you can ensure a hassle-free tax filing for yourself.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions