The last date for filing Income Tax Return for FY 2022-23 is 31st July 2023 as this date will not be extend further, So taxpayers, who haven’t filed their Income Tax Returns till now, are require to file it at the earliest.
While, at the time of filing IT Returns, people make certain mistakes due to which they face trouble later.
There are a few things which taxpayers ignore while filing the IT Return and then are serve with notice from the Income Tax department.
So these are the points which taxpayers should keep in mind before filing IT Returns.
IT Dept Puts Salaried Tax Payers Under Radar For Rent, Home Loan Claims
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Give information of Children’s accounts
If you have invest anything in the name of your child and you are getting income from it, then you will have to register it while filing income tax return.
Many times, parents parents get bank accounts open in the name of minor children and invest in their name.
So, they do not include the interest receive in their total taxable income.
For this, you can also get a notice from the Income Tax Department.
By adding this income to your income, a benefit of Rs 1500 can also be taken.
Interest Earn from Savings Bank account
When filing returns, people often forget to include the interest earn from savings bank account in their total income.
Because they ignore it considering it as a small income.
Taxpayers also need to include this in ITR.
In this, they can also claim a rebate of ten thousand rupees under section 80TTA within one year.
Include Accrued interest as well
Accrued interest means the income from interest in which payment will be made only on maturity.
TDS will be deduct in this case.
You have to file all your investments while filing ITR.
Return on Investment
When filing the IT Return, you must also show the return on investment.
If you have invested in Public Provident Fund, then the interest earn from it is tax free.
That’s why you need to show it as your income.
Information About Investments made abroad
If you have made any investments abroad like holdings, foreign funds, property, then the taxpayers will also have to show them while filing ITR.
