Some of the most Frequently asked question related to ITR.

 December 31st, 2021 is the last date of Filing ITR for the financial year 2020-21. But its always better to start early. There are always doubts in the mind of a tax payer about what to do and what not to do so here are five most frequently asked question regarding ITR.

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What are the most common errors made while filing ITR? Even smallest error in filing ITR can deem your return invalid. The error can be anything from as big as choosing wrong ITR form to as small as choosing wring assessment year. One must remember that the assessment year is always the next financial year cycle example assessment year for financial year 2020-21 is 2021-22. Double checking the bank account details and personal identification details is a must as incorrect details make delays in getting tax refunds.




Selecting the right ITR Form, why is it so important? Selecting of the right ITR form is very important as incorrect form may result in taxpayers’ returns being invalid. Depending on the category an individual falls into there are seven forms to choose from. For the assessment year 2021-22, ITR-1 and ITR-2 are the most relevant forms for salaried individuals.

Can I claim the deduction even if I forgot to submit investment proof to my employer in January? Yes, there are many who simply skip or forget to submit tax saving investment proof to the employer even after multiple reminders. The deadline set by employers to avail the deduction under section 80C, 80D, 80E are generally in January or February. If the proof of Tax saving investment is not submitted higher amount of taxes are deducted from the salary of the individuals during the last three months of the financial year. If anyone has missed the chance to submit the proof they can do so while filing their ITR and claim the dedication and Tax Refunds.

What if I manage to forget about disclosing some of my income will the Income Tax Department Send me a notice? It is certainly possible to receive a notice if you forget to disclose income during the financial year. Especially for salaried individuals who rely on form 16 which does not have any mention on capital gains, fixed or savings deposit interest incomes.

 Am I required to complete my verification process after filing tax returns? Filing is not considered complete in case of incomplete verification process. So, yes you are required to complete the verification process. Tax payers are given time limit of 120 Days to after having files ITR to complete the verification process. There are two ways of doing so Online/ Electronic Mode and Physical Mode. As the name suggest Online mode is done through the income tac portal and in Physical Mode tax payer is required to send the downloaded ITR-V or acknowledgement form to the tax department’s CPC office in Bengaluru.

What method of verification should I choose e-verification or Physical mode? From our perspective the online method is easy and quick to complete. The physical method is more burdensome. One has to download the form print it sign it before everything is posted to the CPC office of Income Tax in Bengaluru through post. While online methods take just few minutes. Tax payers can simply user Aadhaar-OTP, Their Internet Banking, Their Pre-Validated bank or Demat Account to generate an Electronic Verification Code to complete the process.

Reference: https://www.thetaxheaven.com/blog/some-of-the-most-frequently-asked-question-related-to-itr/

Location: Jaipur, Rajasthan, India

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