Income tax returns filing: Deadline looming, here is what you should never do
Income tax returns filing: Less than a week remains for you to file your income tax returns (ITR). As you rush to file your ITR, there are chances that you unknowingly make a mistake, which could cost you dearly. We have compiled some common mistakes. Take a look at them to avoid those:
Contact information: Provide your email id and mobile number that you believe you would never change while filing Income tax returns. Avoid giving email id and mobile number provided by your employer, as these will change when you leave your job. (Image source: Pixabay)
Bank account details: Furnish details of the bank account where you want your income tax refund, if any, to be credited. If Income tax returns filing details are incorrect, the credit will be returned. You will then have to request for reissue of refund online, after correcting details of your bank accounts. (Image source: Pixabay)
TAN of the tax deductor and taxes paid: Tax Deduction Account Number (TAN) is a 10 -digit alpha-numeric number issued by the Income-tax Department. The I-T department gives TDS credit on the basis of TAN of the deductors. While filing the Income tax returns you are required to generally key in these details yourself if you are using the excel utility provided by the I-T Department. So in case there is any mistake in the TAN number, you will not get the credit for TDS. (Image source: Reuters)
Details of capital gains: If you are filing ITR 2 or ITR 3, you will have to fill in details of capital gains in Schedule CG. In respect of any taxable capital gains transaction you are required to pay the advance tax. The advance tax, in respect of such transaction, has to be paid before the due date following the transaction. Be careful while filling your Income tax returns so as to ensure that you pay the correct tax. (Image source: Pixabay)
Details of foreign bank accounts: If you have opened a bank account in a foreign country, you must disclose the details while filing your Income tax returns. Even if you have withdrawn the full amount, but have not closed the back account, you will have to share the details with I-T department. Besides, Even if you are eligible to use ITR 1, if you have any bank account abroad, you should use ITR 2. (Image source: Pixabay)