Income Tax Department : As the current fiscal year comes to a conclusion, the deadline for submitting an Income Tax Return (ITR) approaches. Taxpayers make a significant contribution to quickening the country’s economy. Taxpayers use a variety of strategies to save money on income taxes. The government also offers a number of tax-deduction schemes.
Taxpayers must include information about all of their investments when submitting taxes. However, providing incorrect information can cause complications for the taxpayer. People frequently make such blunders, which cause issues for them.
If a taxpayer provides incorrect information on the Income Tax Return form, the Income Tax Department may send him a notification under various acts. The ITR scrutiny process is divided into two types: manual and compulsory. Mistakes can be avoided by keeping certain things in mind.
Table of Contents
Not submitting ITR
The Income Tax Department occasionally sends notifications to people who do not file ITRs. If you are subject to income tax, you must file an ITR. Suppose you are an Indian citizen with overseas property. In this case, you will also need to file an ITR. Otherwise, the Income Tax Department can issue you a notice.
Error in TDS
When filing your ITR, make sure to fill out TDS thoroughly. If there is a discrepancy between the TDS filed and where it is deposited, you may receive a notice from the Income Tax Department. So, before submitting your ITR, learn out how much TDS has been deducted from you.
Unreported income
In the ITR, you must state how much you earned throughout the fiscal year. Additionally, information concerning investments must be provided. In this case, if you conceal your investment income, you may receive a notification. To prevent the notification, request a statement of interest from your bank and file it with ITR. Aside from that, provide information on any other sources of income.
A high-value transaction
If you make a high-value transaction that is not typical for you, you may receive a notice from the Income Tax Department. Assume your annual earnings are six lakh rupees. However, 15 lakh rupees were put in your account in a year. In such a circumstance, the Income Tax Department can look into it and ask for your sources.
Fault in ITR Return
Many people make mistakes when filing their tax returns. People forget to enter the relevant information. If this occurs, the Department of Income Taxes may issue a notice. As a result, you should get your ITR completed by a professional only.
ITR (Income Tax Returns)
The last day for submitting income taxes is soon approaching.In such cases, taxpayers resort to tax avoidance measures. Taxpayers must provide all relevant information while filling out an ITR. If they make any mistakes, the Income Tax Department may give them a notification.
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