Indiaherald Group of Publishers P LIMITED

X
close save
crop image
x
Mon, Oct 21, 2019 | Last Updated 3:08 pm IST

Menu &Sections

Search

Always avoid filing inflated returns in order to steer clear of trouble

Always avoid filing inflated returns in order to steer clear of trouble
Always avoid filing inflated returns in order to steer clear of trouble
http://apherald-nkywabj.stackpathdns.com/images/appleiconAPH72x72.png apherald.com

For the current tax return filing cycle, the government has introduced a number of changes in ITR filing forms. For instance, individuals should note that the ITR forms for the financial year 2018-19 are different from those used in the previous cycle. The new changes have been brought in to standardize filing of tax returns in order to facilitate auto-processing of returns and also to detect an evasion through systemic matching.

Always avoid filing inflated returns in order to steer clear of trouble

An individual has many sources of income apart from salary or profit from a business. For instance, income from interest earned on bank savings, fixed deposits, insurances and investments in other savings scheme like Public Provident Fund need to be reported, even if some of them are tax-free.



In many cases, individuals end up receiving a notice as they file their ITR in wrong forms. It is absolutely necessary to pick the accurate form for filing income tax returns. There are a total of seven ITR forms. For instance, a salaried individual is required to file returns in ITR 1 form (Salary needs to be below Rs 50 lakh per annum) while businesses are usually required to file ITR 4.


Always avoid filing inflated returns in order to steer clear of trouble
5/ 5 - (1 votes)
Add To Favourite
More from author
Polling disrupted in Maharashtra due to faulty EVMs, Polling resumed
Voting Halfway Down, More celebrities get their fingers inked
Grand felicitation ceremony to the inspiring teachers || iB Hubs Super 30
NASA makes record with 2 Women astronaut spacewalk for first time
Opposition leaders step out to vote
5.79% Voter Turnout Till 10am in Maharashtra
Haryana CM came to Polling Booth by BICYCLE
Voting in Maharashtra & Other States in full swing
Leading Personalities franchising their Votes
By-Polls Polling begins in Maharashtra & Haryana
Are Mums the real heroes of Diwali Festival?
TSRTC JAC announced Huge Public Meeting on October 30
Will Instant noodle affect Asian kids?
Decision on the status of Pakistan be taken by FATF in February 2020
How to get beautiful Eyes naturally?
IMD predicts Heavy rain in Coastal AP
Drinking less often be important to protect against atrial fibrillation
Sachin Tendulkar welcomed ICC's decision to stop boundary count in World Cup
First of the ten metro trains proposed for Chennai phase I extension reached
Is buying store bought sweets for Diwali is safe?
About the author

Nanotechnology Degree Holder. Movie Geek. Crazy about comics and cartoons. Hardcore Cricket Lover. Photoshop Professional