Thread 🧵 on Important Points while Filing Income Tax Returns.
Which in turns saves you from any notice from Income Tax Department.
@Spaysocial @investyadnya @AdeParimal @gaurav28jain
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Which in turns saves you from any notice from Income Tax Department.
@Spaysocial @investyadnya @AdeParimal @gaurav28jain
Request to retweet for maximum reach 🙏🏻
1. Do check AIS (Annual Information Statement) & TIS (Tax Information Summary)
Both available on income tax portal under services tab.
Please note there might be errors in figures reported in those statements but you can submit appropriate feedback if showing wrong details.
Both available on income tax portal under services tab.
Please note there might be errors in figures reported in those statements but you can submit appropriate feedback if showing wrong details.
2. Choosing of correct ITR Form is the most important thing.
If you choose wrong ITR form your ITR will be considered defective. This will lead to invalidate your ITR if response not submitted in due time.
Invalid ITR is as good as you have not filed ITR.
If you choose wrong ITR form your ITR will be considered defective. This will lead to invalidate your ITR if response not submitted in due time.
Invalid ITR is as good as you have not filed ITR.
3. Disclosure of all Bank Interests
Savings as well as FDR Interest (Including accrued Interest)
Income tax identifies any bank account not disclosed then might send notice for non disclosure.
We all know income tax has all your data as it’s linked with PAN.
Savings as well as FDR Interest (Including accrued Interest)
Income tax identifies any bank account not disclosed then might send notice for non disclosure.
We all know income tax has all your data as it’s linked with PAN.
4. Declaration of Shares and Mutual Funds transactions
Always declare all your transactions in ITR, even if it’s in loss. Remember, declaring losses will help you reduce future tax liability.
If you don’t show losses in ITR, you can not get set off benefit for next year.
Always declare all your transactions in ITR, even if it’s in loss. Remember, declaring losses will help you reduce future tax liability.
If you don’t show losses in ITR, you can not get set off benefit for next year.
5. Pre-Validation of Bank Account
Your refund might get delay or stuck due to this. Don’t forget to pre-validate your bank account.
You can do this under bank accounts section.
Your refund might get delay or stuck due to this. Don’t forget to pre-validate your bank account.
You can do this under bank accounts section.
6. Declaration of Foreign Assets/Accounts/Income
Residents need to declare Foreign Assets/Accounts/Income in their ITR mandatorily.
Foreign Assets like includes Movable/Immovable Assets, Shares etc.
You can fill these details in Schedule FA in ITR 2 & 3 only.
Residents need to declare Foreign Assets/Accounts/Income in their ITR mandatorily.
Foreign Assets like includes Movable/Immovable Assets, Shares etc.
You can fill these details in Schedule FA in ITR 2 & 3 only.
7. Clubbing of Income
Income of non earning spouse or children will be clubbed in ITR.
Please remember this may lead to notice from Income Tax.
Go through rules for clubbing before filing ITR. #clubbing #ITR
Income of non earning spouse or children will be clubbed in ITR.
Please remember this may lead to notice from Income Tax.
Go through rules for clubbing before filing ITR. #clubbing #ITR
8. Disclosure of other income
Other income includes Interest on Bonds, Dividend on Shares/MF, Rent, Commission etc.
Other income includes Interest on Bonds, Dividend on Shares/MF, Rent, Commission etc.
9. Disclosure of Exempt Income
Exempt income includes PPF Interest, Tax Free Bonds interest, LIC Maturity etc.
#ppf #ITRfiling #Incometax #TaxTwitter
Exempt income includes PPF Interest, Tax Free Bonds interest, LIC Maturity etc.
#ppf #ITRfiling #Incometax #TaxTwitter
10. Filing Additional Forms
This is the most ignored thing we have noticed.
Apart from ITR, we need to file additional forms which are available on website.
Like,
Form 67- For Foreign Tax Relief
Form 10IE- Change of Tax Regime
Form 10E- Claiming Salary Arrears etc.
This is the most ignored thing we have noticed.
Apart from ITR, we need to file additional forms which are available on website.
Like,
Form 67- For Foreign Tax Relief
Form 10IE- Change of Tax Regime
Form 10E- Claiming Salary Arrears etc.
Tried to cover all major points.
Kindly add if any more points you think are important.
Request to retweet for maximum reach. 🙏🏻
Kindly add if any more points you think are important.
Request to retweet for maximum reach. 🙏🏻
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