Income Tax Notice....

Written by Vipul S. Business and Tax Consultant at Sagun Advisory

Ready to file your #incometaxreturn (ITR)?

Be caution! A tax #notice is coming.?

Filing your income tax return on time can help you avoid #penalties and #interest, #claim #refunds, and carry forward #losses. But filing your income tax return correctly will help you avoid income #tax notices.

Here are some tips to help you plan for your income tax return filing for

FY 2022-23 to avoid notices.

1. Know your #income sources and tax slabs.?

You need to report all your income sources, such as salary, business, capital gains, interest, dividends, etc., and calculate your taxable income according to the tax slabs applicable to you.?

2. Choose the Correct #regime.

You can choose between the #oldtaxregime and the #newtaxregime depending on your #deductions and #exemptions.

3. Collect all the relevant #documents and #proof.?

You need to collect all the documents and proofs related to your income, such as Form 16, Form 26AS, #bankstatements, #investment proofs, etc., and keep them handy while filing your return.

You also need to verify your #pan and #aadhaar details and link them if not done already.

4. Claim all the deductions and exemptions available to you.?

You can reduce your tax liability by claiming various deductions and exemptions under various sections of the Income Tax Act, such as #section 80C, Section 80D, Section 80G, etc. You need to provide the details of these deductions and exemptions while filing your return and keep the supporting documents for future reference.

5. Pay #selfassessment tax if required.?

If your tax liability exceeds Rs. 10,000 in a financial year, you need to pay advance tax in four instalments during the year. If you fail to pay advance tax or pay less than the required amount, you may have to pay interest under Section 234B and Section 234C.?

Similarly, if you have any tax dues after deducting #tds and #advance tax, you need to pay self-assessment tax before filing your return and interest under Section 234A.

6. File your return online using the e-filing portal.?

You can file your return online using the e-filing portal of the Income Tax Department (https://www.incometax.gov.in/iec/foportal/). You need to register yourself on the portal using your PAN and password and choose the relevant ITR form based on your income sources and tax regime.?

You can either fill out the form online or download the utility and fill it in offline. You need to upload the XML file of the filled form on the portal and verify it using Aadhaar OTP, EVC, or digital signature.

By following these tips, you can plan for your income tax return filing for FY 2022-23 in a hassle-free manner and comply with the tax laws to avoid Notices from Income Tax Department.

Currently, All the Income Tax Return filing forms are not available, only ITR-1 and ITR-4 (Excel Utility)

You are free to connect with us for any query or assistance needed

Call: +91- 8376-059-065, Email: [email protected]

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