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ITR Filing Avoid These Steps You Will Get Income Tax Notice

ITR Filing Avoid These Steps You Will Get Income Tax Notice

Motives for the Income Tax Notification: The Income Tax Department has issued its ITR Formula for fiscal year 2021-2022. The form was issued to different categories and income specific. In this year, ITR forms have already been filled. In this case it is necessary to fill out this form to the 26AS form. The department has established the deadline for those to submit ITR forms by July 31, 2022.

A lot of people make mistakes when they file their the Income Tax Return. In this case it is possible to be in deep trouble. There is a chance that you will receive a warning by your Income Tax Department. When filling out the form, be aware that omitting any details or giving incorrect information could hurt the taxpayer. We will inform you about the errors you should not make. If you don’t, you could receive an the Income Tax Notice in the future.

1. Give information on selling the property

If you closed on a property during the year 2021-2022 in your financial year, then you need to disclose this information when you file an income Tax Form. In the event of not doing so, it could result in a notification to the Income Tax Department. Additionally when you undertake any type of work to your home, it is important to include this information when filling out your ITR Form. By providing this information, details regarding the amount of your Capital Gains is available.

2. Pensioners have to declare their pension category

When filling out when filling out the ITR forms, those who are pensioners need to choose their categories. If you’ve been laid off from your position as a central employee, you should select the category of CG. However an employee who has retired from the state has select the PSU. If you don’t select the right one and you fail to do so, you could receive notice by the Income Tax Department.

3. The exact cost has been disclosed when purchasing the property.

If you’ve purchased an additional property in the past year, then enter the exact amount of it on the ITR form. This will provide information on your capital gains that are correct.

4. Inform us about the interest earned on the PF account.

In addition, on the ITR form when you earn more than 2.5 lakh in interest from your PF account, in that case you have to disclose your information regarding interest in your ITR form. The interest amount will to be included in the tax net.

5. Provide information on foreign assets

If you’ve purchased any property in another country, then in this case, you must disclose information about the property. It is equally important to provide the specifics of your earnings overseas. Additionally, the B must also provide the details of the property that was sold

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