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The season of filing of tax returns is here. This year all those who have taxable income are required to file their return. Also those with income above Rs five lakhs have to compulsorily e-file their return. It’s very important to file error free Income tax Return to avoid future problems. Let’s see the most commonly committed mistakes those could be avoided. 1. Incorrect personal details: Every year a large number of returns are rejected for incorrect personal details like name, bank account number, IFSC code and address. This leads to delays in refunds. So please be sure to fill correct personal details. 2. Mistakes in claiming deductions under section 80C: Many of us think that employer’s contribution to EPF has to be included in claiming sec 80C benefits. It’s incorrect. Similarly only the principal repaid on housing loan is eligible for sec 80C. Many other deductions are claimed under wrong heads leading to their rejection and consequent arising of tax liability. 3. Fai...

The tax payers, auditors and tax masters go extremely busy filing taxes and working on refunds in July. 31st July is the cut off for filing your returns which is set by the central board of direct taxes. Not only tax filing process has become easier to do it online and also the filing has become mandatory on or before July 31st. This year, we have got the time extended up to Aug 5th. Do I need to file my returns? What are the criteria to file the returns? Is it mandatory for all the taxpayers to file the returns in the same assessment year? What happens if I miss to file the returns on or before July 31st? If you have such questions in mind, go ahead and read it further. Who needs to file the returns? For those whose taxable income exceeds Rs.2 lakhs in a financial year by way of income from salary, house property, capital gains and income from other sources needs to file the returns on or before July 31st every year. For income from business or profession the last date...