Top 10 , Myths about Income Tax Return Filing on 31st March ,2013 (deadline)
1. The date is for return of this year ending 2013 – No , infact only those assessee have to file return who have nil tax , or ready to pay tax with 1% interest ,for the year ending 2012(March) , but for fresh return filing date is July , 2013 ,
2. PAN holders must file their return – No , Banks have been instructed by Income tax department of India to ask for PAN of all customers for various transactions , but if the assessee has no taxable income (upto two lac for 2013) they need not to file any return.
3. Giving Bank account number is risky – No , for the online return filing, quoting bank account number has nothing to do with your bank transactions , but be sure that you have taken into consideration that interest income or capital gain in ITR .
4. My other bank accounts are hidden from IT department – No , even if you have mentioned one bank account number in ITR , under the AIR scrutiny (CASS) , Income Tax department can find out your all huge bank accounts if any .
5. Person ,died so no need to file return – No , the return of deceased can be filed by successor ,adult son /daughter/spouse online , by registration as representative assessee/and even refund can be claimed .
6. I am safe by not filing ITR – No , you are unsafe , for your considerable profile as per your genuine sources of income you should file return for example , if you want a VISA in embassy , bank loan or limit & for various other places ITR documents are required .
7. Online return filing is risky – No even if you visit the office and get sticker / stamp acknowledgement by filing physical copy of ITR , it will be processed online by the department , so it does not mean that server will collect your all bank data or transactions of properties .
8. Scared of filing ITR from another place - You need not to worry , assessee can file his / her return anywhere in India ,inspite of change in address his all record is maintained as per PAN data.
9. I lost my PAN card ,department will ask for filing – No even if you have been allotted PAN but you lost your card or same number re-applied at your CA/Lawyer’s office its online copy can be showed at filing counter ,the same is for depositing tax at bank counter .
10. My refund is delayed by my lawyer /CA – No generally tax professionals file your return very carefully , but the income tax portal ,its rapid server updations & processing time take by Income tax department of India is the major issue so have patience and clear discrepancy yourself if any .
For more mail us at info @ lawferry.com a leading tax law firm in Chandigarh.
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