As the deadline for filing ITR for FY 2019-20 is approaching, there are some common mistakes which you need to avoid while filling ITR forms.
Mistakes To Avoid While Filing Your ITR
Given below is a brief description of the common mistakes which has to be avoided while filing ITR:
Update Your Contact Details
The income tax department communicates through email and cell phone. Hence it is important to ensure that your latest phone number and email id are updated in income tax department records. It is explicitly applicable and significant on the off chance that you have changed your mobile number or email id recently. A couple of salaried individuals utilize their official email id and telephone number for tax purposes which according to the experts should not be provided in the form doesn’t accessible once you change your work. So before you actually start filling up the ITR form, it would be ideal if you check that the contact subtleties registered with the income tax department are functional and latest.
Ensure that the Pre-Validated Account is Active
As of now, the income tax refunds are straightforwardly credited to the bank account which is pre-validated. So it is significant for you to check which bank account is pre-validated. In the event that no bank account is pre-validated or the one which is pre-validated is no longer in use, ensure to pre-validate the bank account that is usable and where you need your income tax refund to be credited. In the event that you are thinking about shutting any of the existing bank accounts like the salary account of an earlier employer, kindly don’t choose the same for getting the refund.
Details of TAN of the Tax Deductor and Taxes Paid
Since we are not permitted to attach/upload any document with ITR including the document for proof of payment of taxes, the credit for taxes paid is allowed based on records accessible with the tax department and which reflects in your form no. 26AS. In spite of the fact that the subtleties of TDS are generally prefilled in a portion of the ITR forms, you actually must be cautious while outfitting subtleties
As the deadline for filing ITR for FY 2019-20 is approaching, there are some common mistakes which you need to avoid while filling ITR forms. of the deductor on the off chance that the subtleties are not gotten straightforwardly. In case you commit any mistake in mentioning TAN details of deductor in your ITR, in all likelihood you will not get the credit for such TDS at the time of processing of your ITR. This will result in unnecessary work for rectification request and delay in receipt of refund if any.
In the event that you have paid advance tax and or self-assessment, you may need to outfit the subtleties of such payments like challan number and BSR code for such payment. So in the event of any little slip-up, you may not get the credit at the hour of processing your ITR.
Details of Capital Gains
On the off chance that you have earned any capital gains during the year, you must be cautious while filling off the subtleties of such capital gains. The timetable in respect of capital gains is extremely confounded for a layman to comprehend and to have the option to fill up correctly. For capital gains, you are needed to pay the advance tax on the due date of advance tax falling due after such a transaction. So you have to provide the break up of capital increases comparing to the due dates of advance expense. Be cautious while topping off the break up of capital gains in ITR, failing which you may need to pay more interest than what is expected.
Similarly one has to submit the break up of the short-term capital gains and long-term capital gains on the basis of the rate of tax applicable under various subheads. So you must be extra cautious while outfitting these subtleties in the capital gains schedule. Any error will bring about wrong tax liability. On the off chance that you have numerous exchanges of capital gains or you have sold any property during the year, It is advised you to avail of the services with respect to an expert to help you file your ITR instead of doing yourself.
Details of Foreign Bank Accounts
Since Indians have become extremely mobile nationally as well as internationally and travel to another country for different purposes like schooling, deputation or for on-location work or holidays. So there is all likelihood of you have opened a bank account during your stay in another tally. There is likewise a solid likelihood of you have returned to India without shutting such a record despite the fact that no significant balance left in the bank account. According to the Indian tax laws, all the tax residents of India need to outfit subtleties of all unfamiliar resources including ledgers regardless of the equilibrium. In the event that you are an inhabitant of India and in any case, qualified to utilize ITR 1, you ought not to utilize ITR 1 in the event that you have any venture abroad.
Be careful while filling up the details in case you have any assets including investments in shares, mutual funds abroad.
For more information, visit the website of All India ITR