8 questions that can Tax you while e-filing IT Returns
Filing Income Tax Returns online every year is quite essential for every employer whose income limit exceeds specific amount. If you are filing your income tax returns for the first time, then it is quite obvious that you might get plenty of questions and doubts at the time of e-filing your income tax returns. You might get an answer for some of the questions but, yet there will be numerous questions that will be pricking your mind.
Some of the people might get embarrassed to ask few questions that might look silly for others. So, for all such people, we have compiled a list of 8 questions that most of the people have doubts and questions regarding E-filing Income Tax Returns online. Here are some of the questions and relevant answers in order to clear the doubts of every individual who is about to file their Income Tax Returns online. Have a look!
- Not filed ITR for past 2 years. Can I File now?
This situation arises when people are not even aware that they are actually supposed to file Income Tax returns to the Income Tax Department. Some others say some reasons like they were on a leave and couldn’t get their pay. These might be some reasons for such a long gap in filing their Income Tax Returns. Many of these people might receive a notice from the Income Tax Department. There are high possibilities of receiving a notice from the Income Tax department if the tax payer does not make specific corrections.
Harassing a tax payer is not the intention of the Income tax department who is prepared to act in accordance with the particular department. The Central Board of Direct Taxes, Government of India has provided an opportunity to the tax payers in order to finish their pending ITR V verifications for past six assessment years. So, you need not worry any more even if you have not filed your income tax returns for a couple of years.
- Is there Necessity to Report all Bank Accounts?
In the year 2015, the Government of India has made it compulsory to list all the bank accounts in the Income Tax Returns form. The people might then get a doubt that is it necessary to report to every single bank account counting the banks that are no more active. According to the new laws by the Income Tax department, it is not obligatory to include details of all your bank accounts which are inactive. So, one can overlook providing the details of those inactive bank accounts for the past 3 years or 36 months.
According to the official statement and the norms of Reserve Bank of India, a bank account of particular person becomes inactive, if the customer or account holder does not make any kind of transactions like deposit, withdrawal of cash, payment of cheque and transfer of funds via various facilities like Net banking, phone banking or ATMs. A bank account becomes dormant if it is not used for more than 12 months. Your account will be considered as inoperative after 2 years from the commencement of date of your last credit entry and if there is no bank transaction made by the customer.
- Details to be included under Interest Income
All the taxable interest income must be declared in your Income Tax Return. The misperception frequently rises due to some of the taxable interest income, such as interest on NSC and interest gained on savings account in particular bank or post office are entitled for deduction. It is mandatory that you must declare all these taxes and claim the deduction under a separate section to reduce your tax liability.
- Is it Mandatory to Include Aadhaar card details?
Well, it is not obligatory to include tour Aadhaar card details. But, it would be beneficial if you include those details as well. For one, your e-verification process for ITR V becomes easier. However, before you link, make sure that your Aadhaar and PAN card details match. In case they don’t, save the task for later. A miss-match in the two documents can create unnecessary complications.
- Which Address must be provided in ITR?
It might be sometimes that your address might not be constant on some of your identity documents like voter’s ID, bank account, Aadhaar card and PAN card. So, you might get a doubt, which address must be mentioned in your ITR? To be precise, it is based on your choice of providing any of the addresses.The Income Tax department communicates with the tax payer through email or mobile via text messages. So, you need not bother about the address which you mention in your filing. But, it is suggested to mention the address where you currently receive your mails.
- Reason behind a tax due even after TDS Deduction
If the screen shoes that you have a tax due, in such a case, you might forget to declare an additional source of income. Usually, the employer of particular company deducts TDS based on the tax lump you come under on an annual basis. This tax due problem might arise when the calculations go wrong.
- What if you have filed a wrong return?
This is the case most of the income tax experts advise to file IT returns before the due date. If you file your IT returns before the due date then you will be able to revise your returns and rectify your mistakes, if any.
- How do I know that ITR has been filed successfully?
If you are filing on the last due date of Income Tax returns filing, you need to make sure that your ITR has been filed successfully or not. Due to some server issues, your returns might not get filed successfully. To check it out, you need to check whether you have received an acknowledgement number from the tax department to your registered email or not. If you get an acknowledgement number then, it indicates that your returns have been files successfully.
These are some of the questions most of the people find it embarrassed to directly ask. Hope you find answers for most of your queries and doubts!