- Income tax return not filed even if TDS is deducted on income
So many taxpayers’ presumes that if TDS has been deducted from their income by the recipient of services, then they are not required to submit an income tax return because the tax in the form of TDS has already been deducted and paid by the recipient of services. But it is not true at all. According to the provisions of the Income Tax Act, if a person is a resident of India and his total income is above the basic exemption slab of income then it is obligatory for him to file his income tax return. No matter his taxes have been deducted and paid by someone else. So, even if the TDS is deducted, it is mandatory for a tax payer to file the Income tax return.
- Filing of Income Tax Return in last hours
So many taxpayers start calculating the incomes, expense and investments about the last date of ITR filing. Due to last time haste, taxpayer may commit any of the following errors:
- clerical error while computing the taxable income.
- failing to declare some eligible deductions
- failing to declare some reportable income
- facing technical glitches on income tax portal due to last hour rush.
- Opting of incorrect Income Tax Return (ITR) form
Fir each Financial Year, Government releases the various income tax forms as per the income and residential status of the taxpayers. Say, a salaried individual, with other sources income like interest on FDs and only ONE house property income and or loss to Rs. 50 lakh is required to submit his tax return in ITR form-1. But if he chooses any other form instead of ITR form 1, in this case, he can receive the notices from the Income tax department.
- Neglecting form 26AS/AIS/TIS
At the time of calculating the income, a person is recommended to overview form 26AS/AIS/TIS . Form 26AS/AIS/TIS includes many information such as details of advance tax paid, details of self-assessment tax paid, TDS deducted on any income like interest, salary commission etc. If any income is appearing in form 26AS and missed to be included in the income tax return then the return will be processed in error and accordingly notice will be issued.
- Discharging of tax in wrong assessment year
This is the most popular mistake that a taxpayer commits. Consequences of payment of tax in a wrong assessment year is that the taxpayer has to pay the tax dues again by paying tax in the correct assessment year. Therefore, a person must be attentive at the time of making the payment of taxes.
- Missed to disclosed petty incomes
A few people presume that disclosing of petty income like savings bank interest, interest on bank FD is not mandatory. But in fact this thinking is not correct. A person is required to report all of his income no matter whatever the amount is.
- Failure to report the exempted incomes
Failure to declare the exempt incomes is one of the big errors that a person makes at the time of filing the Income Tax Return. Presuming that exempt income is not impacting the tax liability, many people do not declare it.
- Non e-verification of the income tax return in due time
Only uploading the income tax return on portal does not amount to completion of filing process. Even if a return is filed electronically, in that case also it is mandatory to e-verify the same within 30 days from the date of filing, if the return is not e-verified in 30 days then it will be considered as NOT FILED. A person may e-verify the return using any one of the following methods :
- Sending a signed copy of ITR acknowledgement to CPC.
- Verification of ITR through aadhar OTP.
- Verification of ITR using the net banking.
- Filing of income tax return with digital signature.
We hope this article will help you to file your income tax return carefully.
For completing your income tax return filing in a hassle free you can contact us.
