SOME FACTS ABOUT INCOME TAX RETURN FILING.

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March 30, 2013 | GENERAL REPORTS/TOPICS, SERVICES | Post by: admin

1. The date is for return of this year ending 2013 – No, infact only those assessee have to file return who have nil tax, or ready to pay tax with 1% interest ,for the year ending 2012(March), but for fresh return filing date is July, 2013.

2. PAN holders must file their return – No, Banks have been instructed by Income tax department of India to ask for PAN of all customers for various transactions, but if the assessee has no taxable income (upto two lac for 2013) they need not to file any return.

3. Giving Bank account number is risky – No, for the online return filing, quoting bank account number has nothing to do with your bank transactions, but be sure that you have taken into consideration that interest income or capital gain in ITR .

4. My other bank accounts are hidden from IT department – No, even if you have mentioned one bank account number in ITR, under the AIR scrutiny (CASS), Income Tax department can find out your all huge bank accounts if any.

5. Person, died so no need to file return – No, the return of deceased can be filed by successor, adult son /daughter/spouse online, by registration as representative assessee/and even refund can be claimed.

6. I am safe by not filing ITR – No, you are unsafe , for your considerable profile as per your genuine sources of income you should file return for example, if you want a VISA in embassy, bank loan or limit & for various other places ITR documents are required.

7. Online return filing is risky – No even if you visit the office and get sticker / stamp acknowledgement by filing physical copy of ITR, it will be processed online by the department , so it does not mean that server will collect your all bank data or transactions of properties.

8. Scared of filing ITR from another place – You need Not to worry , assessee can file his / her return

anywhere in India, inspite of change in address his all record is maintained as per PAN data.

9. I lost my PAN card, department will ask for filing – No even if you have been allotted PAN but you lost your card or same number re-applied at your CA/Lawyer’s office its online copy can be showed at filing counter ,the same is for depositing tax at bank counter.

10. My refund is delayed by my lawyer /CA – No generally tax professionals file your return very carefully, but the income tax portal ,its rapid server updations & processing time take by Income tax department of India is the major issue so have patience and clear discrepancy yourself if any.

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