Important Things to Keep in Mind When Filing ITR |
Posted: September 24, 2019 |
When filing your income tax return, you need to keep various important things in your mind. The applicability of the tax return depends on your income level and type. Many people look for professional tax help to file tax and for back taxes as well. It is important to file tax with professional help as even a little mistake can bring you a big notice from the income tax department. In this post, we are sharing with your some of the most important things to keep in mind when filing ITR. 1. Correct ITR Form The first and most important step in filing the tax is to choose the correct ITR form. If you by mistake, file the tax with the wrong form then your tax return will be considered as incomplete. Plus, the tax department issues a tax notice in that case. 2. Disclosing Side Income Most of the taxpayers believe that side incomes are not taxable and they usually do not add them in their ITR. You should be aware of the fact that the tax department gets the proper information from the banks about your every financial transaction. This information then properly reconciled with the information provided by the Income Tax Department. Therefore, if you do not add your side income in ITR then you might get a notice. 3. Clubbing of Income If a taxpayer is employed by more than one employer then he has to give information on incomes from both employers. You might be liable to pay tax from one income and not from other income from the second employer. If the clubbing of income is done then its information should also be given to the ITR Department.
4. Accurate Deductions A taxpayer should consider all investments and expenses of the complete year when filing ITR. Some expenses that are allowable as deductions include a deduction for interest earned from saving bank deposit, the deduction for stamp duty value, the deduction for house rent, the deduction for medical expenditures, etc. 5. Disclosure of Bank Account Details A taxpayer has to give proper details of his savings and current accounts when paying tax. If he does not disclose the information then he will get a notice from the department. Conclusion Make sure that you consider all the above-mentioned minds when filing ITR or back taxes. Also, get proper tax help from an experienced tax professional.
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