Have you filed your Income Tax Returns (ITR)? If not, then do it on the earliest because the deadline is approaching. Most taxpayers would already have all of the paperwork wanted for submitting their ITR. Under Section 87A, anyone with an annual revenue of as much as ₹5 lakh a 12 months is eligible for a rebate that reduces the tax to zero.
There are some main errors that you must keep away from for a hassle-free ITR submitting expertise. The commonest mistake {that a} taxpayer makes is just not reporting their curiosity revenue. “When submitting revenue tax returns, taxpayers should report the curiosity revenue generated from financial savings accounts and glued deposits. Once taxpayers report the curiosity revenue, they grow to be eligible to assert deductions. They can declare deductions on curiosity revenue generated on financial savings accounts as much as ₹10,000 beneath part 80TTA. A deduction of as much as ₹50,000 may be claimed beneath part 80TTB for curiosity, within the case of a senior citizen,”stated Abhishek Soni, CEO & Co-founder, Tax2win.in
In addition to this, different generally noticed errors embody not reconciling the Form 26AS assertion, offering inaccurate financial institution particulars, and giving fallacious disclosures. “ Submitting a tax return is a posh process, people should train excessive warning to keep away from making errors,” added Abhishek Soni.
ITR submitting deadline
In view of the technical glitches that taxpayers and professionals have been reporting because the launch of the brand new e-filing portal, the income-tax division had prolonged ITR submitting to 31 December 2021.
“The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was thirty first July 2021 beneath sub-section (1) of part 139 of the Act, as prolonged to thirtieth September 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby additional prolonged to thirty first December 2021,” Finance Ministry had stated in a press release.
Subscribe to Mint Newsletters * Enter a sound e mail * Thank you for subscribing to our publication.
Never miss a narrative! Stay related and knowledgeable with Mint.
Download
our App Now!!
