Random Suggestions for Tax Payers#
Common Mistakes by Tax Payers while filing the Income Tax Returns: a. They wont disclose all sources of Income. For example, If he / she is a salaried person and also earns income through house rents, but still they will be showing only income from salary. Also, in some cases they claim HRA Exemption even though they stay in own house. All this will work until you get a notice from Income Tax Department seeking clarification for the same. You may be wondered how the department came to know about the same. It has the data which is beyond our expectation. b. In some cases, tax payer would have shown correctly both salary and house property income and pay the taxes accordingly. But they would have missed out showing the Sale proceeds from a vacant site which they have acquired some years back. In this case, Registration dept will share the data to the Income tax department. You may again end up in receiving notice to pay tax on capital gains which you have earned through that sale. Many s...