ITR Filing alert! Your Income Tax Return may get rejected if you do this mistake
ITR alert: Income Tax Return filing on time is one of the important responsibilities of an earning individual. Never hide the source of income - It may lead to your ITR rejection.
ITR Filing alert: Income Tax Return or ITR filing on time is one of the important responsibilities of an earning individual. When everything is going online, people are more interested in filling up their ITR on their own but before doing that they need to know about the selection of ITR form, disclosure of one's source of income, TDS etc. If we go by the tax and investment expert's view, it has been found that people are ready to share their income details but they are shy of sharing the source of that income, which is leading to the rejection of their ITR.
Speaking on this common mistake that an earning individual commits while filing its ITR Harsh Jain - Co-founder & COO, Groww said, "This is a mistake many salaried individuals commit. You need to disclose all sources of income apart from your salary while filing your return. The sources other than your salary include income from bank savings, rental income from house property if any, capital gains income, etc. It is advisable to report tax-exempt income such as dividends, gifts received, interest on tax-free bonds, etc. You must also disclose income from foreign assets as well. Basically, any income on which TDS has been deducted needs to be disclosed. Do not hide any information as all records are now integrated online and any mismatch in your income reporting may put you under the scrutiny of the Income Tax Department."
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Asking income taxpayers to link their PAN card with bank account before filing their ITR Kartik Jhaveri, Manager — Wealth Management at Transcent Consultancy said that it is important so that in case there is a refund, it gets credited to your bank account. You are required to validate your bank account details on the income tax website now with effect from March 1, 2019.
So, it is advisable to the earning individuals filing ITR to make sure they have filled each and every detail of their income along with its sources while submitting their ITR either online or offline.
For further information to the individuals going to file their ITR, the Income Tax Department (ITD) has extended the deadline for filing ITR from July 31st to August 31.
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