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You may have to pay a heavy penalty if being dishonest while filing ITR

Friday - July 19, 2019 11:25 am , Category : BUSINESS
Honestly fill the Income Tax return
Honestly fill the Income Tax return

Do not do ‘these’ mistakes while filling an Income Tax return

JULY 19 (WTN) - As you know, the last date for filing the Income Tax returns is July 31. If you do not fill the returns by the date, then you will have to pay the penalty. As the last date for filing an Income Tax return is coming near, the load on the Income Tax Department website is increasing. Therefore, we recommend that you file your Income Tax return as soon as possible.

But, it has been observed that taxpayers sometimes be dishonest and make mistakes while filling the income tax return, due to which their ITR is rejected. Today, we describe you that what are the mistakes a taxpayer should not do while filing an ITR.

First of all, keep in mind that which category of taxpayers you are while filling an ITR. You have to fill the ITR form according to the category of your being taxpayer. There are 7 types of forms to file an ITR. If you are filing an ITR for the first time, then we advise you to get proper knowledge about the right ITR form that you have to fill.

Fill out your complete information exactly while filing an ITR. You have to fill right details of your name spelling, complete address, contact number and e-mail etc. All this information should be in accordance with the information given in the Aadhaar card and the PAN card. Enter the same mobile number which is registered and the messages in which received while filing an ITR. Remember that if you give wrong information, then you may have to face difficulties in getting a refund.

You have to give full information about the interest accruing in your bank accounts while filing an ITR. As you know that the PAN card and the Aadhaar card are linked to each other, in this way your bank account information is not hidden from the Income Tax Department. If you have more than one bank account, then you have to give the full information about the interest of these bank accounts while filing an ITR. Therefore, you should get all the information about all the income from the interest of your all the bank accounts.

Always be honest while filing an ITR, and give the complete information about any of your income. The details of all types of income should be given by you when filling an Income Tax return. Income from your interest, income from property, lottery income, income from rent, income from rental and other types of income information are important when you file an ITR. If you did not do this and if the Income Tax department got information about your undisclosed income then you may get a notice from the Income Tax Department.

If you have Income Tax exemption on any type of income, then it is also important for you to mention it. But, most people have been seen to resort to furlough discounts so that tax can be saved. Never use false donation papers, fake receipts of children's education, fake rental receipts, fabricated bills, fake investment receipts etc. If you think that you can deceive the Income Tax Department from these methods, then you are wrong. Remember, the Income Tax Department has a close look at your financial transactions.

If you have a property in abroad, then it is important to give information about in when filing the income tax returns. If you are thinking that the Income Tax Department is not aware of your foreign property, then your thinking is wrong. If you have property in abroad, then hiding this information in the ITR can prove to be harmful for you.

That is why, because if you get information about your undeclared foreign property, then income tax department may get huge penalties. Therefore it is important to give information about foreign property, foreign bank accounts and property information of abroad while filing ITR. We advise you to fill the income tax on time and with honestly for being happy, because if you file an ITR with the intention of hiding something else with the help of fake bills, then it is sure an action may be taken against you.