Income Tax Return Alert: As the deadline to file the income tax return is nearing, many taxpayers must have started filing their ITR. It was reported that some taxpayers were unable to file ITR as the web portal of the Income Tax Department was facing technical glitches. However, you must avoid certain mistakes if you are filing ITR after the glitches get fixed.
According to a report by Mint, it was found that many individual taxpayers file their ITR by themselves. As the income tax is a complex law, an ordinary taxpayer may not understand everything well and is likely to commit certain mistakes while filling the ITR forms.
Furnish details of capital gains well: While filing the ITR you need to be extra careful while furnishing the details of capital gains as it is the most complex part of the entire ITR form. You must know that there are different holding period requirements for different classes of assets for qualifying as long term capital asset. Moreover, there are also different tax rates for different category of long term and short term capital gains. Hence, ordinary taxpayers need to be extra careful while filling it up. If any incorrect information is given about capital gains, then you may receive a notice from the Income Tax department.
Correct phone number and Email ID is must: While filing ITR, you need to give the correct phone number and email id in the ITR form. As part of digital India initiative, the income tax department sends all the communications on the email address and mobile number registered with them. Hence, it is crucial to ensure that these details are upto date with income tax department. You also need to verify that the email address and mobile number currently in use are the same which get prefilled in the ITR form as per their records.
Bank account for refund must be correct: As part of the faceless transaction, the income tax department remits the income tax refund to the bank account directly. For this, you need to furnish bank details properly and correctly. In case, you have furnished wrong information about your refund bank, the refund will not get credited to your account. Then, you have to go through the tedious process of making a request for a reissue of a refund.
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