The current financial year is about to end and with it the date of filing Income Tax Return (ITR) is also coming closer. Taxpayers have a big contribution in speeding up the country’s economy. Taxpayers adopt many methods to save income tax. The government also runs many schemes for tax deduction.

Taxpayers have to give information about all their investments while filing returns. But if a taxpayer gives wrong information, then difficulties can arise for him. Usually people make some such mistakes, which create trouble for them.

If a taxpayer gives wrong information in the income tax return form, then the Income Tax Department can send him a notice under different Acts. There are two types of scrutiny process of ITR – manual and compulsory. Mistakes can be avoided by keeping a few things in mind.

Not filing ITR

The Income Tax Department sometimes sends notices to taxpayers for not filing ITR. If you come in the tax slab, then it is mandatory to fill ITR. Suppose you are an Indian citizen, but you are the owner of a foreign asset. In this situation also you will have to fill ITR. Otherwise the Income Tax Department can send you a notice.

Mistake in TDS

You should fill TDS carefully while filing ITR. If there is a difference between the TDS filed and where it is deposited, then you may receive a notice from the Income Tax Department. Therefore, before filling ITR, find out how much TDS has been deducted.

Undisclosed income

You have to tell in ITR how much you earn in a financial year. Along with this, investment information also has to be given. In such a situation, if you hide the income from investment, then you may get a notice. To avoid notice, ask for a statement of interest from your bank and put it in ITR. Apart from this, give information about the income received from any other source as well.

High value transaction

If you do any high value transaction, which is usually different from your normal transaction, then also the notice of Income Tax Department can come. Suppose your annual income is six lakh rupees. But 15 lakh rupees were deposited in your account in one year. In such a situation, the Income Tax Department can investigate it, and your source can be asked.

Mistake in ITR return

Many times people make mistakes while filing income tax return. People forget to fill the necessary details. If this happens, the Income Tax Department can send a notice. That’s why you should get ITR filled by a professional only.

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Through a notification dated February 10, the Central Board of Direct Taxes (CBDT) has also notified ITR Forms 1-6, ITR-V (Verification Form) and Acknowledgment Form. Significantly, like the last financial year, this time also no significant changes have been made in the form. Therefore, this time also the last date for filing income tax return will be 31st July.

CBDT has already notified income tax return form

The CBDT has notified income tax return forms for assessment year 2023-24 (for income earned in 2022-23) much in advance, news agency PTI quoted Rajat Mohan, senior partner, AMRG & Associates, as saying. , which will help taxpayers to prepare their income returns at the beginning of this year. Last year such forms were notified in the first week of April.

What is the opinion of the knowledgeable?

Rajat Mohan further says that by notifying ITR forms ahead of time, e-filing portals, third party software companies, taxpayers etc. will get more time to file returns. This year, software vendors can utilize this additional time for early implementation of Excel utility and third party software for ITR filing.

What is ITR-1, ITR-2 and ITR-4?

ITR-1 50 is filed by those who receive income from salary, one house property and other sources like interest etc. with income up to Rs. ITR-4 is filed by individuals, Hindu Undivided Families (HUFs) and individuals or firms with a total income of up to Rs 50 lakh. Whereas, ITR-2 is filed by those people whose income comes from residential property.

The post Big news for taxpayers, CBDT notifies ITR form ahead of time, July 31 is the last date for filing income tax return first appeared on Rightsofemployees.com.