Income Tax Tips: If you are a taxpayer, then this news can be very special for you. Let us tell you that the date of income tax payment is coming closer. In such a situation, the tension of taxpayers is also increasing. In such a situation, people hurry up, after which many mistakes are made. If you make a small mistake, then it becomes a cause of big trouble for you. For this, a notice is sent through the Income Tax Department. Sometimes action is also taken.
Let us tell you that to ensure that no new taxpayer faces any problem, famous CA Abhishek Mishra said that from his long experience of several decades, he said that ITR is a technical process, and many things have to be taken care of. In such a situation, it is important to be careful. Filing ITR in the right way proves to be helpful in important things like loans, credit score in the future.
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How to decide the category
CA Abhishek Mishra said that first of all, decide your category. In this, salaried, salaried employees, business or professional etc., should match their Form 26AS, IT, S, and Form 16 and 16A properly. Many times, it also happens that TDS is deducted, but it is not updated in the form. In such a situation, the correction should be done immediately after seeing the difference. ITAAP can be rejected if the wrong form is filled.
On the other hand, it is important for the business class and GST-related taxpayers to check their GST turnover and income tax turnover together. Even in the case of a mistake, the Income Tax Department can send a notice. Apart from this, freelancers or professionals should keep a record of all payments. It should be matched with the bank statement.
Do not ignore income at all
The CA also said that most people ignore the interest on savings accounts, interest on FD, and capital gain from mutual funds, or the income from the sale of shares. Whereas all these are income sources, and hiding them can prove costly.
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Keep these things in mind
If you have taken a home loan, then fill in the details of its interest and principal amount correctly.
Show the exemption on investment in health insurance or life insurance at the right place.
Do not hide any kind of foreign income or foreign account details.
Refund can get stuck by entering the wrong bank account number or IFSC code.
Do not forget to do the verification after filing the income tax return. Otherwise, the return is not considered.
Do not fill in information different from the documents. The department gets all the details from the bank.