123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Others >> View Article

Mistakes To Avoid When Filing Your Itr

Profile Picture
By Author: Manish Anil Gupta & Co.
Total Articles: 15
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Who likes to pay their hard earned money to taxes? But it is a vital element for smooth functioning of society and to comply with legal regulations. Needless to say, taxes are one of the most boring and mundane tasks that one has to deal with, especially if you are planning to do your own tax returns. It is suggested to hire a CA for income tax return filing so that you do not make the following mistakes:

Filling in wrong personal details

A myriad of returns get rejected each year for wrong personal details like bank account number, IFSC code and even name. This causes a delay in returns and hence it is important to be sure of filling the right details.

Picking the wrong form

There are no doubts that taxes are confusing, and one of the biggest confusion is picking out a wrong form. There are seven different forms and picking the wrong one may lead to a failure in filing ITR
Not including certain income

If you are not aware, an interest gained from saving account bank deposits and fixed account deposits are considered to be taxable incomes. While it is the bank that deducts TDS, you must mention the same in your ITR.

Mistakes in making a claim in deduction under section 80c
Most of us think that an EPF must be included in claiming the benefits of section 80C. This, however, is not true. Similarly, in terms of home loans, only the principal amount is eligible for section 80c. people fall in the trap of making claims under wrong heads which leads to rejection and delays unnecessarily.

Not being updated of tax rule changes

The rules of taxation change every year and it is important to be aware of such changes. If you have filed as per the old rule, your ITR may be considered as a failure.

Not sending your ITR-V for submission

Merely filing your returns online does not imply your job is done, it is important that you keep in mind that ITR – V must also be sent to income tax department.

These are some common mistakes that can be taken care of by hiring a CA for your business. That is not all, a reputed CA company can help you with audit services in Delhi and GST Registrations in India.

Source: https://manishanilgupta.weebly.com/blog/mistakes-to-avoid-when-filing-your-itr

Total Views: 96Word Count: 386See All articles From Author

Add Comment

Others Articles

1. Donate To Non-profit Organization And Avail Tax Exemption
Author: Akshaya Patra

2. Best Cloud Security Company
Author: Tekbee

3. The Wollongong Builder Will Make Your Home Pop Out!
Author: Souter Built

4. Signage Project Management Melbourne
Author: simar

5. Waterproof Lights
Author: rabia naz

6. The Best Radio Services In Qatar By The Finest Al Rawi Productions!
Author: Al Rawi Productions

7. Machine Learning And Augmented Analytics To Optimize Business Intelligence
Author: Sanam Malhotra

8. Best Web Development Companies In India
Author: Primis Digital

9. Blueprint Storage Rack Help To Protect Your Goods
Author: Bigblueprint Hanger

10. Finding The Best Air Conditioner Prices
Author: Alankar Patil

11. Top Reasons Why Your Printer Can Go Offline From Online Unprecedentedly
Author: How To Fix Printer Offline

12. Devops Training Institute In Bangalore | Devops Training In Bangalore
Author: Manojmanuu

13. Thick Business Cards
Author: DELUXE PRINTING

14. Pantone Color Business Cards
Author: DELUXE PRINTING

15. Translucent Business Cards
Author: DELUXE PRINTING

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: