Common mistakes while filing Common mistakes while filing ITRITR

Common mistakes while filing your ITR

Choosing the wrong ITR form : There are seven forms, out of which only four are applicable to individual taxpayers. Based on your inputs we identify the right ITR for you.

Not matching ITR data with income tax department's database : If you have changed jobs during the year, report the previous employer's income in your ITR. Otherwise, you are liable to get a notice.

Not submitting ITR-V : You have to send the signed copy of ITR-V by post within 120 days of e-filing. Otherwise, the return will deemed to be not filed.

Not reporting bank's interest income : Banks only deduct 10% TDS on interest income. If you are in 20% or 30% tax slab, you have to report the interest income.

Common mistakes while filing your ITR

Providing incorrect email ID : Ensure you mention a valid and functional email ID in your ITR.

Not reporting exempt income : Dividends and long-term capital gains on listed securities are exempt from tax. However, report this income as companies/ brokerage firms report this data to the Tax Department.

Incorrect assessment year while paying self assessment tax online : Assessment year is always one year ahead of the financial year. For FY2012-13 tax returns, the assessment year is AY2013-14.

Why e-file?

• Convenience. You can electronically file 24 hours a day, 7 days a week.

• Security. Your tax return information is encrypted and transmitted over secure lines to ensure confidentiality.

• Accuracy. Electronic filed returns have 13 percent fewer errors than paper returns.

• Direct Deposit. You can have your refund direct deposited into your bank account.

• Proof of Filing. An acknowledgment is issued when your return is received and accepted has two options. Sell on the Stock Exchanges.Exercise the Put option.

Who need to e-file? – Every person with an annual income exceeds Rs.5,00,000.

– An individual or a Hindu undivided family, being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India and required to furnish the return in Form ITR -2 or ITR 3 or ITR 4, as the case may be.

– Every person claiming tax relief under Section 90, 90A or 91 shall file return in electronic mode.

– Those who are required to get their Account under Section 44AB

– A firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable

– A company required to furnish the return in Form ITR-6.

How to e-file through HDFC securities?

• Visit www.hdfcsec.com• Click on E-file on home page• Register online >>> directed to Tax spanner.com• Sign in using your email id.

– Step 1 : Enter your Personal Details & Residence information

– Step 2 : Key in your Salary Income & Deductions (Form 16)

– Step 3 : Enter additional income if any other than the one mentioned in Form 16.

– Step 4 : Verify your details & check for any missing information.

– Step 5 : Confirm & Proceed for e-file.

For any further queries, visit the our website www.hdfcsec.com or call

our customer care @39019400

Thank you