Mistakes Done while Filing Income Tax Return

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Transcript of Mistakes Done while Filing Income Tax Return

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WWW.LEGALRAASTA.COMMISTAKES DONE WHILE FILING INCOME TAX RETURNHi, In this video the Legalraasta team will teach our all about the Mistakes done while Filing Income Tax Return its definition, minimum requirement and advantages.

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LIST OF MISTAKES DONEList of Mistakes Done List of Mistakes Done Forget Sending ITR V to Income Tax DepartmentEvery Tax Payer is required to send a duly signed copy of ITR V form toIncome Tax departmentwithin 120 days of e filing anIncome Tax Returnat Income Tax Department CPC, Post Bag No. 1, Electronic City Post Office, Bangalore 560200, Karnataka by regular Indian Post or Speed Post, only.Nearly 10% of Tax payers forget sending ITR V every year.Incorrect Bank Account Number and IFSC codeBank Account Number entered in ITR shall not be less than 9 digits in any case and an accurateIFSC code should be specified, otherwise it may delay your Income Tax Refund.Selecting Incorrect ITR formBefore filing of Income Tax Return, as assesses should understand that which ITR form is applicable to the source(s) of Income earned by him during the relevant assessment year.

LIST OF MISTAKES DONEIntimation and RectificationUpon successful filing ofIncome Tax Return, the same will processed by Income Tax Department and an intimation u/s 143(1) is generated which shows the comparison of details of Income and Tax thereon filed by the assesses in the return form and the details processed by the department . If the details mentioned in the intimation u/s 143(1) confirms to the return filed then no further action is required. However if there is any deviation, then a rectification application u/s 154 can be filed by the assesses to rectify the mistakes apparent from record within the period of 4 years from the end of financial year in which the order sought to be amended was passed. Online rectification is also possible.Revising the late filed Income Tax ReturnIn accordance with the provision of Section 139(5) ofIncome Tax Act1961,only the return filed undersection 139(1) i.e. ITR filed within the prescribed date or the return filed in time can only be revised. In accordance with the provision of Section 139(5) ofIncome Tax Act1961,only the return filed undersection 139(1) i.e. ITR filed within the prescribed date or the return filed in time can only be revised. This mistake is possible only if the Income declared in Income Tax Return is less than Rs.5,00,000 and return is filed manually

ASSETS, AC. NO. , AADHAR AND PASSPORT NO. Foreign Assets, Bank Account, Aadhar Number and Passport NumberNew Income Tax Return forms for the Assessment Year 2015-2016 have been released by the Income Tax Department on 22 June 2015 with some new requirements that are mandatorily required to be filled by an assessee (if applicable), some of those are:Aadhar Number (if held)Passport Number (if held)Details of all bank accounts held in India at anytime during the previous year (except dormant account)Details of Foreign Assets and Income from any source outside India.Incorrect Information in Personal Information Schedule.

An assesses should understand the fact thatAn assesses should understand the fact that :An assesses should understand the fact that Incorrect TANWill not allow him to claim the Tax Deducted at source.Incorrect E-mail AddressWill result in non receipt of all intimations from CPC and other communications.Incorrect Mobile No.Will result in non receipt of SMS based Communication.Incorrect Date of BirthWill result in Computation of higher taxes in case of senior citizens.Incorrect Residential StatusWill result in Computation of higher taxes.Incorrect Aadhar no.Will not enable Aadhar updation andEVC verification.

CLAIMING TAXClaiming Tax without actual payment of Self Assessment TaxClaiming Tax without actual payment of Self Assessment TaxSome assesses claim Income Tax paid without the actual payment of Income Tax , it may make an assesses an Assesses in Default which may result in payment of interest @ 1% per month or part of month under section 220 & penalty under section 221 at an amount as determined by Assessing Officer.At the same time, the Intimation received under section in respect of that return will create the demand for unpaid Income Tax along with Interest under section234B & 234C(if applicable).

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