Income Tax – Important news for taxpayers. Actually, taxpayers are adopting tax saving methods while filing income tax returns. Actually, while filling ITR, taxpayers have to give every single information. If they give wrong information then they may have to face punishment.
Taxpayers have a big contribution in speeding up the country’s economy. Taxpayers adopt many methods to save income tax. The government also runs many schemes for tax deduction.
Taxpayers have to give information about all their investments while filing returns. But if a taxpayer gives wrong information, then difficulties can arise for him. Usually people make some such mistakes, which create trouble for them.
If a taxpayer gives wrong information in the income tax return form, then the Income Tax Department can send him a notice under different Acts. There are two types of scrutiny process of ITR – manual and compulsory. Mistakes can be avoided by keeping a few things in mind.
Not filing ITR-
The Income Tax Department sometimes sends notices to taxpayers for not filing ITR. If you come in the tax slab, then it is mandatory to fill ITR. Suppose you are an Indian citizen, but you are the owner of a foreign asset. In this situation also you will have to fill ITR. Otherwise the Income Tax Department can send you a notice.
Mistake in TDS-
You should fill TDS carefully while filing ITR. If there is a difference between the TDS filed and where it is deposited, then you may receive a notice from the Income Tax Department. Therefore, before filling ITR, find out how much TDS has been deducted.
Undisclosed income
You have to tell in ITR how much you earn in a financial year. Along with this, investment information also has to be given. In such a situation, if you hide the income from investment, then you may get a notice. To avoid notice, ask for a statement of interest from your bank and put it in ITR. Apart from this, give information about the income received from any other source as well.
High Value Transaction-
If you do any high value transaction, which is usually different from your normal transaction, then also the notice of Income Tax Department can come. Suppose your annual income is six lakh rupees. But 15 lakh rupees were deposited in your account in one year. In such a situation, the Income Tax Department can investigate it, and your source can be asked.
Mistake in ITR return-
Many times people make mistakes while filing income tax return. People forget to fill the necessary details. If this happens, the Income Tax Department can send a notice. That’s why you should get ITR filled by a professional only.
