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5 myths about filing income tax returns
September, 03rd 2015

The last date for filing income tax returns was on Monday (i.e. 31st August, 2015). The government on Wednesday extended the last date for filing Income Tax return by a week to September 7.

“Due date for filing Income Tax return extended till 7th Sep, 2015,” the Finance Ministry said in a tweet.

The Income Tax department will not allow revision of returns if there’s any misapprehension, you cannot carry forward losses, and you cannot claim refund.

So, in an effort to save you from committing flaws we are sharing the 5 most common myths surrounding this process of e-filing of tax returns, which otherwise is extremely simple in nature. If you are planning to do it on the last day, here’s a list of things to keep in mind:

Myth 1: People always have a misconception that they don’t need to pay tax for the interest income generated on fixed deposits as the bank already deducts the tax at source. This is a common myth with people earning interest income on fixed deposits. It is important to note that the taxpayer may be liable to pay tax on the same at a much higher tax rate.

Myth 2: Another common myth is that people generally think that the e-Filing process is complete once they have submitted the tax return online. Please keep in mind that the e-Filing process of a taxpayer isn’t complete unless a signed copy of the ITR-V acknowledgement has been sent to the CPC in Bangalore within 120 days from the date on which the taxpayer filed his/her income tax return.

To e-verify your income tax return one needs an aadhar card, in this case there is no need to send any form to CPC Bangalore.

Myth 3: Some people have a notion that they don’t need to divulge previous salary amount to current employer. This is a common problem as in this manner new employers will have no details about previous salary, making them deduct tax at source as if the employee has no other source of income. The employee must agnize that the tax must be paid on the total amount of salary received in the previous year.

Myth 4: It is a myth that the process of e-Filing one’s income tax return is not mandatory. Filing returns has been made obligatory for any taxpayer having a total income of INR 5,00,000 or more.

Myth 5: It is a common thought that by filing income tax return one will come under the scrutiny of the IT Dept. Once the process of e-filing the return is over, you receive an intimation u/s 143(1). This intimation is just a standard practice on the part of the CPC in Bangalore. A refund cannot be processed without the same.

 
 
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