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Currently, many such taxpayers are facing the problem of income tax return form being rejected. At the same time, some people are upset with the notice received from the IT department. If you have also received a notice from the Income Tax Department, then know which mistakes you should avoid and how you can file your return online. If you file ITR, then keep in mind which form you are eligible for.
Under what circumstances can a notice be received
Even if you choose the wrong form, you may get a notice or the form may get rejected. So let us first know which form is necessary for whom.
Which form for whom?
- ITR-1: This form is for those who are salaried, own property and have income from other sources (interest, etc.) up to Rs. 50 lakh.
- ITR-2: Individuals and HUFs whose income is not from business or profession will choose this form.
- ITR-3: ITR-3 is filed for individuals and HUFs whose income comes from proprietary business or profession.
- ITR-4: This form is preferred for presumptive income from business or profession.
What things should be kept in mind while filing returns?
Taxpayers must have all the necessary documents to file ITR. The most important among these is Form 16. It is issued by your employer or company, it contains details of your salary and tax deducted. Apart from this, PAN card is also necessary, without it you cannot file ITR. It is also important to have a bank statement to keep track of interest income and other financial transactions. Also keep investment related documents like PPF, NSC, ELSS papers with you to save tax. Carry TDS certificate as proof of tax deduction on income from other income sources. Form 26AS is also very important for filing ITR. It is the annual tax statement that shows the tax payments and deductions made by you. This form is available on the Income Tax e-filing portal. Which can be easily downloaded.
Register on the e-filing portal
Those who are filing income tax returns for the first time should first register themselves on the e-filing portal. For this, go to the official website of the Income Tax Department. Go to the register option here. After this select the taxpayer. Now fill in your PAN card details and verify. After this, tell your personal information like name, address, gender. Now enter your registered mobile number and email ID. As a part of further process, an OTP will be sent to your mobile number and email, enter it. – Now set your password and login. Register yourself now. As soon as the registration process is completed, you will be informed through message.
Claim the Deduction
There are also many exemptions in tax filing under the Income Tax Act. This can help you reduce your taxable income. Under Section 80C of the Income Tax Rules, there is a provision for deduction on investments up to Rs 1.5 lakh in PPF, EPF, NSC, life insurance etc. Under Section 80D, there is a deduction on health insurance premium. Apart from this, deduction can also be availed on interest up to Rs 10,000 on savings account under Section 80TTA. According to Section 24 (B), a person can avail a deduction of up to Rs 2 lakh on home loan interest.
E-verification is also necessary
After filing ITR, its e-verification is necessary. Because if verification is not done after filing ITR, it will be declared invalid. Taxpayers can e-verify their ITR through EVC i.e. Electronic Verification Code option. If you do not e-verify your ITR after filing it, you may still get a notice.