Giving income tax return-filing a miss could invite notices from the tax department, while delayed filing will attract penalties
As the due date for filing Income Tax Return (ITR) approaches, one could end up making numerous tax filing mistakes. One must be careful while filing returns as any oversight can lead to a penalty or tax notice from the Income Tax Department. Here are some common mistakes to avoid while filing income tax returns by July 31, 2022
The choice of income-tax return forms depends on your source of income, income level, and so on. This year, there are a few changes in the details sought and some new disclosure norms have been introduced.
Tallying the information in your Form-16, bank statements and so on with Form 26AS and Annual Information Statement should be step one in your income-tax return-filing process.
Balwant Jain of apnapaisa.com presents a series of things which an individual should not forget while filing the tax returns. He emphasises on notional incomes, gifts, capital gains from mutual funds and so on.
Salaried persons earning upto Rs 5 lakh annually will have to file income tax returs, Central Board of Direct Taxes (CBDT) said on Monday.
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