Showing posts with label "Income Tax return for FY17". Show all posts
Showing posts with label "Income Tax return for FY17". Show all posts

Wednesday, 19 July 2017

Deadline for filing income tax return nears; here are 5 common mistakes that you must avoid

New Delhi: Filing of income tax return –the annual ritual –can get really troublesome if you don't pay heed to the details. Every year, numerous applications get rejected due to incorrect or mismatched information.

This is the reason why you should not make any mistakes on your application, especially if you are e-filing for returns for the first time.

1. Waiting until the due date to e-file your returns

Most of us wait till the 30th of July to start processing our income tax returns. This is a lazy pattern that many taxpayers are being used to. The government has simplified filing for returns by introducing online filing system, hence you must file your ITR ahead of the due date to avoid any errors or for rectifying the same.

2. Delaying e-verification on return

Until the returns are verified, the procedure of filing for returns remains incomplete. Taxpayers have two options for verifying the returns;

- Either sending the Income Tax Returns Verification acknowledgment to CPC, Bangalore within 120 days of filing the returns.

- Or an easier option would be, e -verifying your returns online.

There will be no requirements to send the ITR V if you e-verify the returns online. The procedure of e-verification can be done via net banking, Demat account, Aadhaar number and bank account number.

3. Filling the form with incorrect personal details

To be eligible for e-filing benefits you must first register on the official website of the Income Tax Department. To achieve a flawless e-filing process you must furnish the accurate personal details like your postal address, date of birth, status, email ID, mobile number etc.

It is also pivotal to make sure that your details are filled correctly in their designated columns. Any mistakes in your date of birth will result in you falling in the higher tax slab. The registration process can be tricky if you aren’t familiar with the norms and any incorrect information may lead to issues in the future.

4. Errors in your banking particulars

Even if claiming for refunds is not applicable to you, it is mandatory to furnish your bank account details. While e-filing, always double check to see if the name, account number, IFSC and MICR code of your bank account matches the credentials entered in the registration portal.

5. Failing to report all the bank accounts

Many people neglect this provision and fail to declare all their bank accounts which have been functional within that financial year. This practice is illegal as the Income Tax Department has clearly stated under its act that every taxpayer must mandatorily submit all the bank accounts registered in the name of the taxpayer. Also, if you have made a cash deposit of more than Rs 2 Lakh during the demonetization period (November 9, 2016-December 30, 2016), you must fill a specified column in the e-form to report the cash deposited.

Source:-Zeenews

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