It is time to file income tax return for 2022-23. The deadline for filing ITR for AY 2022-23 is 31st July. Taxpayers should not wait too long to file their income tax returns, experts advise. Many of those who file income tax returns receive income tax notices. Most of them make these one of six mistakes.
Fill in the appropriate ITR form for filing income tax return
The Income-tax department has prescribed ITR forms for all types of taxpayers. The type of ITR form depends on the method of production. If the wrong form is chosen, the Income-tax department will reject the ITR. It will ask you to file an amended return under Section 139 (5).
Details of Income
If you do not provide the correct income details, the Income Tax Department may send you a notice. The taxpayer has to report the entire income including interest and rental income on the savings account.
Form 26 AS
Form 26 AS gives you the amount of TDS deducted. Before filing your income tax refund, submit Form 26 AS along with Form 16 / 16A and check that the income claimed is correct. It also helps you with any tax related and calculation advice.
Verify the tax Return
It is mandatory to verify the tax return. Some people feel that they are done after filing an income tax return. But this process is not over until you verify the tax return. You can e-verify your tax return through e-filing portal or through your net-banking account.
Foreign Bank Accounts
If you have foreign account, your income tax department will have to provide all its details. You will also share information about any investments in financial tools in other countries.
Notify the Gifts
As per the Income Tax rules, if you receive a gift of more than Rs 50,000, you will have to pay tax on it. You will also have to pay that amount.