Filing ITR is easy but reporting correct information in ITR? What are the common mistakes to avoid when filing taxes

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.

we will discuss here some common mistakes which is done by the tax payers while filing ITR:

Who Should file Income Tax Return and why?

Fling income tax return i.e. ITR is compulsory for some person while it is optional for others. Why should you file ITR because ireporting your proper and true income is your duty and pay taxes thereon 

Now question arise who should file ITR?

It will depend upon that facts that what is your income level during the year. 

If you are not more than 60 years during the year and your income is more than Rs.2.50 lakhs 

Or you are more than 60 years but not more than 80 years & having income more than Rs.3.00 lakhs 

or you are more than 80 years & having income Rs.5.00 lakhs during the year 

then you must file your ITR otherwise you will face problems. 

You should file your ITR even you dont have income (as explained above) If :-

What will happen if something is missed in your taxes? Will you receive a notice of error or will your return be rejected

What are the consequences if something is missed in your taxes? Will you receive a notice of error?
An intimation u/s 143 (1) serves as a preliminary assessment of the taxpayer's income tax return filed for a particular financial year. It is a message which notifies the taxpayer of any kind of error prevailing in his/her tax filing. It also tells the taxpayer of any kind of interest payable or refundable in his account.  

Is it mandatory to give the details of all bank accounts while furnishing Incomw Tax Return

 Is it mandatory to give the details of all bank accounts while furnishing Incomw Tax Return

Yes, You must disclose your all bank accounts details in your Income Tax Return.

Usually, the bank account that is frequently used for transactions is the primary bank account. The bank account used for the transaction with the Income Tax Department is the primary bank account.

In case, you closed your bank account during the financial year, you are required to disclose it in your ITR.

Is joint development agreement taxable under income tax?

If an individual or HUF enters into a joint development agreement (JDA) with a builder or joint developer, it shall be deemed that the capital asset is transferred during the year in which the certificate of completion for the whole or part of the project is issued by the competent authority.