People have started filing Income tax return for FY 2023-24, as ITR 1, 2 and 4 are now available on e-filing portal for filing Income tax return. Hence, it is important to check the below mentioned details before filing Income tax return.
Firstly, many salaried employee think that they are not required to file their Income tax return if entire TDS is deducted on their salary as the entire tax is paid.
Income tax return in case of non-taxable income:
Hence, the important thing to note here is that payment of tax is a separate requirement and filing of Income tax return is a separate requirement. Thus, it is important to note that if your total salary for the year is above Rs.2.5 lakh or 3 lakh in case of new regime then such person has to file his Income tax return irrespective of whether tax is required to be paid or not. If you don’t file return there could be a penalty for non-filing of return of income of upto Rs.5000.
Income tax return in case of losses:
If you are a non-resident and are investing in shares and mutual funds in India and you have sold some shares or mutual funds and have only made losses or even if you are a resident and have only made losses and you don’t wish to claim losses and hence decide that you don’t want to file Income tax return. In such case also it is advisable that you should file Income tax return and declare losses as we have seen cases where the Income tax officer has just based on the total amount of sale considered the sale amount as income and issued invoice for conducting assessment of assessee. Hence, it is advisable to file Income tax return in such cases.
Income tax return in case of SFT information [Credit card bills, FD investment]:
Further, while filing your income tax return do check your SFT details in AIS or 26AS wherein it could include details of credit card payment or amount of FD invested or made in your name or PAN.
Please note that if the amount of credit card bill payment is higher than your total income or the total amount of FD created in your name is more than your total income then in such case there could be an assessment notice stating that such FD or such credit card bills have been paid out of undisclosed income. Hence, always keep a working ready for such FD and credit card.
Check details available in AIS and reject the details if they don’t belong to you:
Recently many Income tax notices have been issued based on data available in SFT in AIS hence also check AIS before filing your Income tax return and reject data in SFT, if any, which does not belongs to you.
It is thus advisable to file Income tax return after all SFT details are available on e-filing portal that if after 10th to 15th June and hire a professional to file your Income tax return.
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