How to File Income Tax Return Online: The last date to file Income Tax Return i.e. ITR for the financial year 2021-2022 (31st July 2022) is near. Everyone is busy filling it quickly. Although most people focus on saving tax while filing ITR, even after so much caution, there are some mistakes that are ignored and miss the opportunity to save tax. Rajat Jain, Director of Taxes, SS Kothari Mehta & Company (Chartered Accountants), talks about some important things that people usually miss.
Don’t Ignore AIS
Rajat Jain says that now a new option has been added while filing ITR, which is called Annual Information Statement (AIS). This is a detailed description page where you have to give the details of all the financial transactions done by you. Since this can be easily checked by the Income Tax Department, it is better that you fill in the information yourself. He said that it is different from Form-26AS as Form-26AS is primarily a summary of financial statements/transactions where TDS is deducted. However, AIS also covers other transactions. Therefore, while filing the return, make sure to provide the information asked in AIS. Fill every information in this section properly, any kind of mismatch can cause problems in future.
Do not make mistakes on these 10 points
CA Rajat Jain explains that it is important to keep in mind 10 small things while filing the income tax return.
1. Section 80TTA and Section 80TTB
Individuals who do not fall under the senior citizen category can claim a deduction up to Rs 10,000 on interest earned on a savings account with the bank under section 80TTA. However, interest on fixed deposits is taxable. For senior citizens, there is an increased limit of Rs 50,000, and interest on fixed deposits is also covered for the purpose of deduction.
2. Section 44ADA/44AD
Under section 44ADA, a specified professional, whose income from the profession is up to Rs 50 lakh, can claim a taxable income of at least 50 percent of the total receipts. Wherein, in case of taxpayers with turnover up to Rs 2 crore, who are not covered under section 44ADA, they can declare income under section 44AD, wherein at least 8 percent of the total receipts are treated as taxable income. can go. As regards the number of receipts received through banking channels, the limit for such receipts is up to 6 percent. So people should pay attention to this also.
3. Section 80CCD(1B)
Under this, the additional deduction is allowed on contributions up to Rs 50,000 for any individual in NPS.
4. Section 80E
Under section 80E, while computing total income, a deduction can be claimed in respect of interest on a loan taken by a person from any financial institution or approved charitable trust for the purpose of pursuing higher education.
5. Section 10(10CC)
If the employee’s income tax is being paid by the employer, the employee may save some tax.
6. Section 80GG
Under section 80GG, in respect of rent paid for a residence, a person can claim a deduction as house rent allowance (‘HRA’) up to a maximum of Rs.60,000 in a year. For this, you have to submit a declaration in Form-10BA.
7. Section 80D
You also have the option to claim deductions for medical policies and medical expenses for yourself and your family. In addition, one can also claim for a preventive health check-up (including the amount paid in cash). However, it can be for a self, spouse, and dependent children and the amount is up to Rs.5,000.
8. Section 80G
You can also claim the deduction for donations made to registered charitable organizations or NGOs. A certificate in Form 10BE has to be submitted for claiming deduction under section 80G from FY 2021-22.
9. Section 10(32)
Parents can claim an exemption of Rs 1,500 for each minor child whose income is covered under section 64(1A).
10. Section 112A
Exemption up to Rs.1,00,000 on long-term capital gains arising on transfer of equity shares in a company or a unit of an equity fund or units of a business trust. Profits exceeding Rs. 1,00,000 are taxed at the rate of 10 percent.
 Join Our Group For All Information And Update, Also Follow me For Latest Information |
|
 Google News |          Click Here |
 Facebook Page |          Click Here |
 Instagram |          Click Here |
 Twitter |          Click Here |