Income tax department extended the due
date of filling income tax return for AY 2019-20 from 31st July to
31st August, 2019. Income tax return is the form of information all
about income of assesse . Various forms are available for income tax return ITR
1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. If you are filled belated
return, you are not allowed to carry forward losses. However taxpayer who have
not filled their ITR appear to be in a hurry to meet this dead line . But there
are something wrong among them in the crowd for filing their tax return on the
due date, which is not expected . If a taxpayer want to avoid this type of mistakes
to follow those rules.
1)Choose correct ITR return form :
Everyone must choose correct ITR from
. For example, while ITR 1 to ITR 4 are applicable for individual and HUF, ITR
5 to ITR 7 are for company and firm . ITR 1 can file those people whose
total income doesn’t exit 50 lakh and whose income under the head income from
salary/pension, income from house property, income from other source, and
agriculture income up to 5000. But many times we see that whose income exceeds
50 lakh or agricultural income exceed 5000 they file ITR 1, this is wrong. So, it is very important to choose right ITR
form for filling income tax return.
2) Correct determination of residential status :
It is very important to determine residential
status before filling income tax return. Tax liability is depend on residential
status . Residential status is different from citizenship. The residential status of an
individual for income tax purpose has nothing to do with citizenship. Most of
the case residential status does not determine correctly . There are two
condition to determine residential status – 182 days and 60 days. So, first of
all you should determine residential status correctly. If you using pre-filled IT return forms, to verify residential status.
3) E-verify filled ITR return form :
Many people forget e- verify to filled
IT return form. Many people send ITR-V
to the central processing centre without e-verify. If you not e-verify your filing
return within 120 days, the return can become invalid. Your ITR start
processing after e-verify.
4) Non disclose exempt income :
there are some income which exempt
from levy tax such as dividend income, maturity of PPF etc. This incomes are
exempt but still need to be reported in ITR.
These
type of mistake not only make your return invalid but also liable for penalty ,
it’s depend on the nature of mistake. So, there is no need to take this point
lightly. And be careful on the time of IT return filling.
Comments
Post a Comment