An Income tax return (ITR) is nothing but it is a form used to file information about individual’s income and tax to the Income Tax Department. Tax is calculated based on the taxpayer income. In case, if tax payer will not be able to pay tax on particular date, then he or she will receive a notice from Income Tax Department. In that notice, there may be mentioned of penalty due to tax has not been paid on time.
According to Income Tax Law, every person/business has to pay every year based on the income of financial year. This income could be in the form of salary, business profits, property sale or it can be gain through interests or any other sources. Tax Return has to file by every individual or business after every financial year. TheTaxTellers, will help you to File Income Tax Return and Consult CA, Bookkeeping Services, Accounting Services, GST refund etc. We provide you all the guidelines to File Income Tax Returns.
During File Income Tax return, any individual can do some common mistakes and you have to avoid these mistakes, such as-
Most common mistakes by tax payers, they forgot to report all the sources of their income, like interest from bank savings account and Fixed Deposits (FD’s). These income are also taxable according to respected slab.
Many people presuppose that there is is no income from multiple residential properties, so there is no tax payable; while, this is misunderstanding. If you have more than one house, then you are also liable to pay tax of certain amount.
Since all the necessary information is communicated by the income tax department via email, it is especially important to enter these details correctly before filing your taxes. If you’ll fill the wrong information, then you may miss some important notifications of Income Tax Returns. So check and re-check your email address when you file your income tax.