It is a human tendency to hide what we have from others, to keep to ourselves and not share. However, it is very important for taxpayers to disclose the amount they receive from other sources than their primary source of income at the time of filing returns. The total tax payable by the taxpayers can be rightly calculated only if income from other sources in the form of rent, interest, royalty etc. is accounted for as part of total income and tax is paid on it. Any default in the reporting of income from other sources, can lead to penalties to the extent of 300% of the tax evaded.
All the financial transactions of the taxpayers are under the lens of scrutiny by the income tax department. Matching of your ITR data with the transactions database of ITD, prior to e-filing, is called verification of ITR. Such returns are called Verified Tax Returns. Verified returns eliminate the chances of receiving notice from ITD due to data mismatch with Form 26AS.
E-filing of Verified Tax Return with an authorized ITR filing intermediary is now just a matter of few minutes. Once you enter the Form 16 details, our servers will match your ITR data with the transactions against your PAN. Any mismatch detected and the solution to fix it would be brought to your notice instantaneously. Then our system would automatically generate the correct tax return form for you.
Here we bring you a checklist that ensures that you save a little extra with efficient tax planning as well as be a smart and informed taxpayer:
- Align you tax saving investments to your financial goals
- Health is wealth – Invest in your health to enjoy your wealth
- Claim what is rightfully yours
- Income Tax Authorities know it all – report money from everywhere
- If it’s exempt, why hide it?