Common Queries You May Have on Income Tax Returns

Is it essential to File Income Tax Returns Even When Taxable Income Lesser Than Threshold Limit?

Most taxpayers are keen to know whether their income falls within the taxable limit. According to the experts, there may be a need to file the ITR even in such cases. When the aggregate income exceeds the limit, an ITR is essential. If the amount is below the said aggregate income
after rebates and deductions, you may need to e-file your income tax returns. On occasion, you may have to declare your income, its source, and the rebates and deductions you have applied.
Even if there is no need to pay the tax, the return must still be filed.
In case the TDS is cut from the income, and it falls within the taxable limit, then you can claim the income tax refund while filing the return.

Which Income Tax Form to Use for the Income Tax Filing?

Looking at diverse types of income tax return forms, you may feel confused. Each form has its intended use. Due to this reason, it may be essential to utilise them effectively. Depending on your income, experts may make the right choice for you.
● An individual should file ITR-1. On occasion, your income source should include salary, house property income, pension, and other income.
● ITR-2 is for those who earn income from capital gains. If there is more than one house property, you may fall under this category. It may be applied when you have foreign income, a company director, or unlisted equity shares.
● Whether you run a business or earn a salary, you may be required to file ITR-3. On occasion, you can be a firm partner.

In addition, there are also ITR 4, 5, 6, and 7. To learn more, you can talk with the expert to choose the right form.

Which Enables Deduction Under the Section 80C?

Section 80C enables you to deduct money due to diverse types of expenses and investments. Life Insurance Policies, ELSS schemes, EPF, PPF, bank and post office deposits over 5 years, and Senior Citizen Saving Schemes. If expenses incurred as a result of principal repayment of the home, tuition expenses for 2 children, and stamp duty on the property.
If you have any additional queries regarding income tax returns in Kolkata, you can contact the experts at S.M. Gupta & Co. Plan your tax and returns with us.

Every working individual must file an ITR under the tax laws. However, the process is tedious and complex. Any ordinary person is bound to commit mistakes while filing the ITR forms. But with a strict deadline, these unintentional mistakes can cause further delays. A professional income tax consultant in Kolkata can assist you in these situations. They handle all the paperwork, ensuring you do not attract any penalty.

What is an ITR?

The tax authorities assess the money you have paid as advance tax and how much you owe as a balance. You can self analyse your earned income and communicate it to the department. It is done via the process of filing an ITR.

Avoid These Mistakes While Avoiding Income Tax Returns

1. Incorrect personal information

This is a commonly recurring error that people commit all the time. If you enter incorrect personal information in the form, it will lead to delays. Hence it would help if you were careful while mentioning your name, mail id, address, date of birth and PAN. The details must tally with the documentation. If you want to claim a refund, ensure that your bank particulars are accurate.

2. Particulars like tax deducted and paid

Since the taxpayers cannot attach any document as proof with the form, they mention the TDS credits. This is the basic information about you that the tax department has. For a smooth tax filing process, check the following –

Mention the correct Tan number of the deductor as per the form 26AS.
Check the challan details like BSR payment code of advance tax and self-assessment tax.

Even if you make a minor mistake, you will not get the tax credits or a demand notice to rectify the matter. Then, you have to undergo the hassle of filing up a rectification request under section 154.

3. Using the wrong form

Those taxpayers who wait for the eleventh hour make the silly mistake of choosing the wrong form. This is deemed defective under the tax laws. Hence you should have a sound knowledge of the applicable forms.

The tax consultants can simplify the process for you. You should seek their help to manage your ITR files and processing.

Meet the Expert Tax Consultants

S.M.Gupta & Co. is a renowned chartered accountant firm in Kolkata. We offer consultancy services for taxation, advisory, law matters etc. With over 45 years of experience, our team of professionals ensure credibility and consistency for every project. You can rely on us for tax computation and filing, tax audits, certifications, tax appellate proceedings etc.

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