Salaried person need to file their Income Tax Returns (ITR) as the deadline of July 31 coming near.
ITR filing is usually simple, but even small mistakes might result in Notice from the tax authorities and possibly even fines and penalty.
generally people forget to mention Complete bank information,or failure to furnish "income from other sources" or "exempted income" which may result notice from department or thier ITR may be treated as defective ITR.
(1) Generally ITR -1 is applicable to salaried person but in few cases (like haiving income over Rs.50 lakhs or having capital gain or loss) some orther forms are required to be filed by the salaried person but they fail to file thier ITR in correct form which may result thier ITR as defective ITR and get notice.
(2) In many case it has been found that salaried person forget to match thier income from Annual statement i.e. Form 26AS and TIS & AIS available with the department, in such a case where there is difference between Income in ITR and information in Form 26AS, be ready to face enquiry or notice from department.
(3) So many people maintain more than one Bank accounts and FDRs/RDs in banks but they don't disclose such details in ITR ,thinking that no information is available in form 26AS or there is no need to disclose all bank accounts details but it is not good practice.
(4) Salaried person may have income other than from salary like Interest from Banks, Interest or income from some other investment or even may have income from agriculture income, sometime huge amount as gift from parent or relative, it is advisable to report all such other income which may be taxable or exempt ,otherwise be ready to face notice or enquiry from the department.
(5) Check your TDS and advance tax paid amount in form 26AS and Income in ITR must match with the income reported as per TDS & tax paid amount
These are few mistakes which salaried person commit while filing the ITR , jus avoid these mistake.
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