Tax Finance Info: Common Mistakes in E-filing

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<span style="font-size: large;"><b>Common mistakes in e - filling of Income Tax Return (ITR) - Tax Finance Info.</b></span></div>
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<span lang="EN-US">            E – Filing has emerged very
quickly for the purpose of filing returns. But due to inadequate knowledge
online return filers make lot of mistakes while e –filing.  Let us throw lights on such mistakes made
while filing online return:<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Symbol; line-height: 115%; text-indent: -18pt;"><span style="font-family: 'Times New Roman'; line-height: normal;"><b>1. </b></span><span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><b style="text-indent: -18pt;"><span lang="EN-US" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt;">General
Mistakes in E – Filing:</span></b></div>
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<b><span lang="EN-US" style="font-size: 5.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman";">                                                                  <o:p></o:p></span></b></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">        »<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Te first ever mistake is entering the personal details in
Income Tax Return form that does not match with the PAN database. This creates
an error in filing return.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Many a times wrong Income Tax Return (ITR) is selected due
to speedy work or lack of proper knowledge of which form is to be filled for
what nature of income and assessee.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Incorrect communication details are provided such as
incorrect e-mail ID, Mobile Number and Residential Address etc. This will lead
to lack of receiving important communications from Income Tax Department.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Incorrect Bank details are provided by mistake. This will
create delay in receiving the Income Tax Refund if direct deposit of refund is
opted for.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Providing of incorrect Residential or communication address
will lead to failure in receiving the Refund cheque if the same facility is
opted at the time of filing return.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Many assessee don’t the mandatory criteria of digitally
signing the return, so they send the physical ITR-V that is self signed. This
leads to rejection of Income Tax Return.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">There is no need to pay tax if the demand is below Rs.100,
but the assessee still pays it. Better remember it and save money. And also you
will not receive the refund if the same is below Rs.100 so don’t wait or ask
for it.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">After filing the return online, people many times think that
the process of filing return is over and forget to send the ITR-V to the income
tax department within 120 days of E – filing of Income Tax Return. It is
mandatory to send the self signed copy of ITR-V to CPC Bangalore for
verification if the online return is not signed digitally.<o:p></o:p></span></div>
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<span style="text-indent: -18pt;"><span lang="EN-US" style="line-height: 18.399999618530273px;">2. </span><span lang="EN-US" style="font-size: 13pt; font-weight: bold; line-height: 115%;">Mistakes
in case where assesses earns Income from Salary:</span></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Assessee forgets to match the amount of salary with that of
the figure in the Tax Credit statement i.e. 26AS. This will result in rejection
of the return.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Mistakes are made in matching the figures in case where
monthly salary is directly deposited in a bank Account.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Many a times in spite of knowing that the assessee have the
following part in his/her income fails to select ITR -2:<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">§<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span lang="EN-US">Exemption that may
exceed Rs.5000<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">§<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span lang="EN-US">Income from more than
one house property or Brought forward loss of previous year.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The assessee who earns income from Business & Profession
along with the Salary income, should select ITR-4 and not the other forms.<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt;">3. Mistakes
in case where assesses earns Income from House Property:<o:p></o:p></span></b></div>
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<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The mistake that is made in filling details of House
Property is that the assessee forgets to enter the income from rent that is in
the ratio of his/her ownership in case where the property is co-owned. This
will lead to unnecessary increase in Taxable income and the tax thereon.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Municipal taxes payable are mistakenly taken as the
deduction where only tax paid to local authority is allowed as a deduction on
payment basis and not on due basis.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">After entering the interest on borrowed capital with respect
to house property the maximum amount allowable as deduction will be Rs.1,50,000
and so the Income from House Property will be auto calculated. So don’t enter
figures on your own.<o:p></o:p></span></div>
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<span style="font-size: 13pt; font-weight: bold; line-height: 115%; text-indent: -18pt;">4. Mistakes
in case where assesses earns Income from Business & Profession:</span></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Income from Speculation business and Income from Lotteries
and Horse Races are mistakenly taken as Income from Business & Profession.
But such income is taxed at special rates, so they must be entered in the
schedule of Income from Other Sources.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Disallowable income and expenses are many a times not shown
separately and are added or reduced in the Income from Business &
Profession. This is a checkpoint where such income is to be entered in the
return.<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt;">5. Mistakes
in case where assesses earns Income from Capital Gain:<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Mistakes are made in entering the details of Short Term
Capital Gain and Long Term Capital Gain in their specific field.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Be accurate while entering details of Long Term Capital Gain
arising from sale of Equity Shares or Units as they are tax free. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">In case of sale of asset where the benefit of indexed cost
of acquisition can be availed, assessee makes mistake in entering the details
in the option provided for entering details of capital gain where such benefit
can be availed. This creates necessary increase in income and tax.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Mistakes are made in selection of appropriate year of
acquisition of asset which will change the amount of indexed cost in case of
long term capital gain.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraph" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<b><span lang="EN-US" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt;">6. Mistakes
in case where assesses earns Income from Other Sources:<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Keep watch while entering the details of Interest Income.
Mistakes are made in entering the interest from saving bank and other interest
because the prior is exempted upto rs. 10,000, while the late is taxed at
normal rate.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        </span></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Times New Roman'; font-size: 7pt;"></span></span><span lang="EN-US"><span style="color: #4f81bd; font-family: 'Agency FB', sans-serif;">       </span><span style="color: #4f81bd; font-family: 'Agency FB', sans-serif;">         </span>Enter special Income separately as they are taxed at special
rates.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<b><span lang="EN-US" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt;">7. Mistakes
in adjusting Current Year and Brought Forward Loss:<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The assessee makes a big mistake by not filing the return
before due date. This will result in non allowance of carrying forward the
current year loss to subsequent years. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Don’t enter amount in the boxes where the amount is auto
calculated.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Don’t enter the loss with negative or (-) sign.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US"><br /></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Mistakes are made in selecting proper check boxes for
claiming the carrying forward of losses.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<b><span lang="EN-US" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt;">8. Mistakes
in claiming TDS / TCS Credit:<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Tax credit on different kinds of income must be claimed
against respective incomes only but major mistake is made in this field.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Take care while providing PAN in the challan at the time of
making payment of taxes. If you make mistake in entering PAN, the tax paid by
you will have no effect and you will have to pay it again.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US"><br /></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">In case where the Tax Deductor has not filed the return
there will be no credits in your Tax Credit Statement i.e. form 26AS. But you
are eligible to receive the same if you can provide sufficient proofs. But you
will not get the credit currently so don’t claim it above the credit available
in the Tax Credit Statement.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<b><span lang="EN-US" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt;">9. Mistakes
in claiming exemptions:<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">After the introduction of new Section 80TTA of The Income
Tax Act, mistakes are made in entering the details of interest income. Saving
Bank Interest is tax free upto Rs.10,000 but the interest on FD and other
deposits are taxable as per the respective assessee criteria. Both types of
interest are merged many a times which will create problem at the time of
assessment procedure.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Mistakes are made in matching the figures in case where
monthly salary is directly deposited in a bank Account.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US"><span style="color: #4f81bd; font-family: 'Agency FB', sans-serif;">        </span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">In case of claiming exemption of donation under section 80G
makes mistake in selecting type of charitable institutes. This may lead to very
much variation in calculation of Taxable income because many donations are
allowable @ 100% while some are only allowed @ 10%.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">People don’t try to divert their exemptions which can be
availed in the Income of their spouse or children if the same exceeds Rs.1 Lac.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">

</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;"><span style="font-family: 'Agency FB', sans-serif;">       </span><span style="font-family: 'Agency FB', sans-serif;"> </span>»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">You cannot claim exemption exceeding the limit provided in
the Income Tax Act.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>

Common mistakes in e - filling of Income Tax Return (ITR) - Tax Finance Info.

Common mistakes in e - filling of Income Tax Return (ITR) - Tax Finance Info. E – Filing has emerged very quickly for th...

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