File Your Income Tax
Return (ITR) online in India

Income Tax Return (ITR) after note ban in India?

Income Tax Return is the yearly statement filed by every individual to show the income earned during the year and the related taxes paid or not. It has gained serious importance after demonetization and hence, every ITR should be filed with due care. Therefore, it is not recommended to file the Income Tax Return free rather use expert to file the same

Common mistakes to avoid while filing the ITR

People think that filing the Income tax Return (ITR) is a very simple task and therefore they don't pay attention to the same. However, it should be filed properly to avoid any chances of being in default. Three common mistakes to avoid:

#Wrong filing of account Number: If your account number is not correct, your refund shall not be credited to your bank account and hence please recheck the account number and IFSC code while filing the Income Tax return in India.

#Filing ITR by Form 16: This is the most common mistake done by the people who file their ITR only using the form 16. However, you must check the other supporting documents like 26AS, Form 16A, saving proof etc.

#Not filing Balance Sheet/ P and L: If you are filing the income Tax return as self employed and you are not filing the balance sheet or profit & loss account, then your ITR shall become defective return.

Who all are liable to file the Income tax Return?

Every person whose total income is more than the basic exemption limit of Rs.2,50 lakh, then he is liable to file ITR. Further, after note ban, it is recommended to file the ITR properly to avoid any chances of tax notice by Income Tax Department.