RTI filing for fiscal 2017-2018: Common Mistakes That Could Give You Tax Notices

The Department of Income Tax has notified seven ITR forms for the 2017-2018 fiscal year Photo: Mint

New Delhi: The date of 39 Maturity for income tax return (ITR) for the 2017-18 fiscal year (2018-19 valuation year) is July 31, 2018. In the urgency of respecting the deadline, many taxpayers could end up making mistakes that could bring them an opinion of the tax administration. Although the errors committed in the ITR repository can be corrected by producing a revised statement, it would require more time and effort, "said Vishal Raheja, deputy director at Taxmann, an online publisher of taxation and law companies

. The year 2018-19 can be revised by March 31, 2019.

The Income Tax Department has notified seven RTI forms for filing the return for the year. Fiscal year 2017- 18. The filing process begins with choosing the right form, which depends on income and taxpayer status. kes that you should avoid committing during the filing of ITR:

(1) "Do not badume that if the tax has already been paid, you do not need to file the return," says Vishal Raheja of Taxmann. If you reside in India, regardless of tax liability, you must file ITR if the taxable income exceeds the basic exemption limit, which is $ 3,000,000 for seniors (age 60 and over), 5 80 years old) and 2.5 $ lakh for all other individual taxpayers

(2) If you choose the wrong RTI form, you can not report the complete information and the tax department can issue a notice for under-declaration of income. 19659003] 3) Whatever the income, you should declare it in our ITR, say the tax experts. "The income tax department regularly receives information from banks and financial institutions about your transactions that are close to your ITRs. If a tax has been deducted from your income but you do not report the corresponding income in ITR, you could receive notice, "says Raheja.

(4) If you changed jobs during the year, you must report the income earned by all employers on your tax return. Also, "if an income of your minor child or spouse is to be bludgeoned with your income, you must report it," he adds.

(5) Tax experts caution against deductions in ITR for which you do not have the qualifications to. "Some taxpayers claim false deductions or inflate existing deductions to reduce their income tax or claim refunds," says Raheja

(6) A taxpayer should also make sure that the ITR data is synchronized with those of Form 26AS. In the event of a discrepancy, the income tax department may issue an opinion, seeking explanations for any discrepancies in the income or TDS figures in Form 26AS and the income tax return. The 26AS form is essentially a consolidated tax credit statement that contains all the details of various taxes deducted from your income at source. Form 26AS can be viewed on the Tax Department website.

(7) If you file ITR late, then make sure you pay the late filing fee before filing ITR, say tax experts. "A late filing fee of ₹ 5,000 will be charged if the declaration is filed between 01.08.2018 and 31.12.2018 The fee will be ₹ 10,000 if the return is filed between 01.01.2019 and 31.03. 2019. The late deposit will be ₹ 1,000 for small taxpayers whose taxable income does not exceed ¥ 5 lakh, "says Raheja.

(8) If you fail to verify your ITRs or at the send to the centralized processing center of the income tax department in Bangalore, return will be considered as an invalid return.At the filing of ITR, you are asked to digitally sign it or check it by In case you do not check your return, you can sign the ITR receipt and send it to CPC, Bangaluru .The acknowledgment of receipt must be sent within 120 days after the filing of the declaration.