File tax returns on time to avoid unnecessary hassles
year, transactions of immoveable property, cash deposits and credit card expenses aggregating or exceeding certain threshold limits. For example, credit card payments of R2 lakh or more, purchase of shares of a company of R1 lakh or more, and purchase of units of mutual funds of R2 lakh or more.
Consider income received by a minor child
A minor is not required to file a separate income-tax return. However, the income earned has to be included in the returns filed by the parents although the amount may be negligible for instance interest on savings in the bank account.
Avoid omission of interests received on bank accounts
Section 80L has been omitted from the statute effective April 1, 2006 and, therefore, any interest earned from a bank deposit is taxable in the hands of the taxpayer. Hence, interest received on the balance in your savings account is taxable. Make sure you take it into consideration while filing returns to ensure avoidable correspondence with the tax authorities.
Submit ITR-V in time (online filing)
After having filed returns online without a digital signature, it is mandatory to submit the ITR-V form generated to the income tax officials within 30 days of filing the returns, else your return filing date will be postponed to date of submission of ITR-V rather than date of uploading the return. In effect, it means that unless the ITR-V has been submitted, uploading your returns online will be treated as equal to non-filing of returns.
Specify accurate bank details
Bank account number and MICR code provided should
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