Filing Income tax returns is a complex process and can't be executed withou professional guidance. Many aspects are needed to witness, like a tax deduction, selecting the correct ITR form, and knowing the meaning of form 16 when you switch your job in a financial year. The assistance of top GST filing services Mumbai is also needed by small businesses to avoid blunders that may lead them to legal issues.
Looking at these common problems, we have mentioned the issues that are ignored by many taxpayers. Scroll down to know how a professional GST filing and an ITR filing help you be safe and smartly manage all your expenses and savings.
Top 7 ITR-Related Problems Where Tax Experts Save Your Time & Money
1] Selecting The Right ITR Form
The first and the most common mistake people make while filing Income Tax Returns is the selection of the ITR form. There are 7 ITR forms for the taxpayer depending on their source of income and their profession. Basically, ITR-1 is filled by the employees or the salaried person that can only be suggested by a professional ITR filling company.
2] Maintaining The Genuine Taxable Income
After the selection of the correct form, the next challenge comes in mentioning the correct number of taxable income. Rental, drafts, agricultural gain, long & short-term gain, interest on loans, etc., are the income sources needed to mention in the ITR. In this situation, it becomes difficult to accurately calculate the income tax can become an issue, and professionals know how to manage it well.
3] Mentioning The Correct TDS
If you are a salaried person, Tax Direct from Source is another way you get relief in Income Tax Return filing. The tax deduction is also applicable in the fixed deposit that you need to mention in 26A and form 16 or 16A. If it sounds complicated, then it is recommended to consult an income tax return expert for the best advice.
4] Claiming The Absolute Deductions
Under section 80 C of the Income Tax Act, the taxpayer can claim the deduction if his/her saving is up to 1.5 lakhs. You can also claim your deduction by showing the investment in financial bodies and expenses in your child’s tuition fee. Besides, top income tax return experts Mumbai also helps you with insurance policies and National Pension System (NPS) that make your tax return filing easy.
5] Getting Tax Relief In HRA
House Rent Allowance (HRA) exemption is very important in the ITR and only applicable to those who live in rented houses. It is acceptable only if you are a salaried person and you are eligible for HRA exemption. Several documents are also needed that you need to submit to your HR and have rental expenses of above 1 lakh per annum.
6] Form 16 Is Another Issue
Form 16 is the element that is mostly ignored by many employees, but it is beneficial for ITR filing. This form is basically for the people who have switched their job during the financial year. There are multiple 16s forms that you need to fill out while switching jobs to get benefits in tax returns.
7] End Moment Filing An ITR
This is the most problematic situation most taxpayers go through, and they instantly need expert advice. It is advisable not to wait until the last moments because your ITR form can be rejected even for minor mistakes. If the last moment situation occurs and you haven’t prepared all the needful documentation, you must consult the expert income tax return service provider to make it ready.
Final Verdict
Filling an ITR can be complicated, but it can become easy by identifying the issues and finding the correct solution. The income tax return experts can guide you in the right direction and helps you avail yourself of all the benefits for personal & business ITR returns. After the successful filing, don’t forget to verify your ITR-V, Adhar Card, or EVC process on your mobile and email.
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