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: 14
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: 80Word Count: 386See All articles From Author

Add Comment

Others Articles

1. How To Improve The Photography Skills Using Simple Tips?
Author: sophia cruz

2. Choose The Best Cork Gaskets
Author: Siddharth Balasaria

3. Hair Extensions And It’s Types
Author: Eden'sQueenHairCollection

4. What You Must Know About Preventive Maintenance Of Your Facility
Author: Steve Hatfield

5. Benefits Of Having A Best Usb Charging Electric Baby Hair Clipper Waterproof Infant Haircut Trimmer
Author: gzenssu

6. Duct Cleaning Fort Lauderdale – Deliver Fast Services At The Best Price
Author: Alex

7. Is Buying And Selling Business On Busihubb Easy?
Author: Erica Patel

8. Loneliness Counts: The Psychological Impact Of Loneliness In Older People And How To Overcome It
Author: Tushar

9. More And More Employers Are Becoming Aware Of The Need For Pat Testing
Author: Darren Tonge

10. Removing Graffiti In Usa Made Easier
Author: kevin

11. Carpet Cleaning Burnie,devonport,launceston
Author: Best Clean Carpet Cleaning

12. Top 5 Tips To Become Successful In Caregiving
Author: Maria

13. Choosing The Best Home Water Purification Systems
Author: Krish Moorthy

14. Why Moisturizing Foot Cream Is So Popular
Author: Divya rana

15. Budget Air Supply Is The Place To Buy Heat Pump Online
Author: Butch Jouaneau

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