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7 Common Mistakes in Income Tax Return

Every year, 31st July is the last date to file your Income Tax Return for previous Financial Year. It is equally important as your birthday or anniversary date.  I remember 10 year ago it was next to impossible to file Income Tax return without any help but Income Tax Department has done a commendable job to simplify the Income Tax Return Process. E-filing of income tax return through official portal of Income Tax Department is very easy, convenient & most important it’s FREE. To avoid last minute rush, i always file my income tax return in the month of May or June. I keep receiving queries from my readers on Income tax return. For the benefit of my readers, i will highlight some of the common mistakes committed by the tax payer while filing income tax return. Hope this post will help you while filing your Income Tax Return error free.

ITR Form

This is most common mistake while filing Income Tax Return. ITR 1 (Sahej) is default choice for filing Income Tax Return. Any wrong selection of ITR may result in rejection of Income Tax Return. To select right ITR form, Click Here for description of each ITR form. To share example, One of my reader had income only from Salary and last year he filed ITR 1 which got rejected. Reason for rejection was that his exempt income exceeded Rs 5000. As per CBDT, it is mandatory to use ITR 2 instead of ITR 1 if exempt income exceed Rs 5000. On close scrutiny, i observed that he received Rs 75000 as  money back from Insurance policy which was exempted but not declared in Income Tax Return.  The definition of exempt income is not clearly defined whether it include allowances received by employee e.g. HRA, LTA, Medical etc or not. Another school of thought is that exempt income only include Tax Free income from PPF, Dividends, Agricultural Income, Insurance Policy, EPF withdrawal etc. Whatever be the interpretation,  It is important to select right ITR form to avoid rejection of Income Tax Return.

Mandatory E-filing for Income more than Rs 5 Lakh

Tay Payer earning more than 5 lakh during FY should e-file Income Tax Return. In such cases, Physical return will be rejected by the Income Tax Department. E-filing is very convenient and processing is also fast.

Reconciliation of TDS

One of the most common mistake while filing Income Tax Return. Tax Payer file Income Tax Return without TDS reconciliation. TDS details are available in form 26AS. To check tax credit statement or form 26AS, follow these simple steps

1. Visit https://incometaxindiaefiling.gov.in/

2. Register and Log in

3. Click on “View Form 26AS (Tax Credit)” on LHS Bar.

4. You will will be redirected to the TDS-CPC website to view form 26AS (Tax Credit Statement). This site is also known as TRACES (TDS Reconciliation Analysis and Correction Enabling System)

Reconciliation with Form 26AS is very critical as TDS details are lifeline of your income tax return. Any mismatch in the details provided in Income Tax Return and Form 26AS may invite notice from income tax department or refund can be rejected. Most common example is TDS on Bank FD’s. Banks deduct TDS @ 10% but if the Tax Payer is in higher income tax bracket i.e. 20% or 30% then balance tax should be deposited as self assessment tax. Most of the tax payer don’t pay balance tax on income from Bank FD’s. In such a scenario, Be ready for notice from Income Tax Department.

No Tax Dues, No Income Tax Return

This misconception is mostly among salaried class. Tax Payer think that as his or her employer has deducted TDS therefore all taxes are paid on time and there is no income tax due from his or her end. He need not to file Income Tax Return as the tax is already paid through TDS on salary. Please note, Income Tax Return should be filed even if all the taxes are paid on time through TDS.

Confusion between Assessment Year and Financial Year

One of my reader Gunjan Raheja wrote to me that Income Tax Department has rejected her Income Tax Return. When i closely scrutinized her return, i observed that she entered wrong Assessment Year while filing Income Tax Return. Many tax payers get confused between Assessment Year and Financial Year. Basis thumb rule is that Financial Year is the year in which income is earned for which you are filing the Income Tax Return is filed and Assessment Year is the year in which you are filing the return. This year, a tax payer is filing Income Tax Return for Financial Year (FY) 2013-14 & Assessment Year (AY) is 2014-15.

Signed ITR V Acknowledgement

If you are e-filing Income Tax Return without digital signature then it is mandatory to take a print out of ITR V Acknowledgement, sign it and send it to CPC – Bangalore. ITR V should reach CPC Bangalore within 120 days of e-filing the return. Don’t send ITR V through courier, it will not be accepted. You can send ITR V acknowledgement only through Ordinary Post or Speed Post. It is advisable to send through Speed Post so that you can keep track.

Bank Details in ITR

It is mandatory to provide correct Bank Details in ITR specially if you are expecting Refund. Even if there is No Refund still provide correct information on bank account. You never know, you might have paid excess tax and IT department will issue refund. You should provide only your bank details in ITR. In one of the instance, one of my reader provided his bank account details in his wife’s Income Tax Return. Now his wife is struggling to get the refund.

I have tried to cover all the common mistakes in Income Tax Return which can be easily avoided. You may post your queries related Income Tax Return in following comments section. You can share this post with your friends and family members through following social media icons.

Last but not the least, Don’t forget to file your Income Tax Return before 31st July !!! As a responsible citizen we should pay our taxes & file Income Tax Return on time.

Copyright © Nitin Bhatia. All Rights Reserved.

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Raja
Raja
10 years ago

Hi Nitin, I have a confusion on ITR-1 tax calculation. My taxable salary is less than 5 lakh which is allowed Rs 2000 tax rebate. My employer applied Rs 2000 rebate from the overall tax before calculating education cess. However, ITR-1 excel sheet in income tax website calculates tax and education cess before applying Rs 2000 rebate. Can you suggest which one is correct? If my employer is incorrect, should i pay excess Rs 70 tax to income tax?

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Raja

Your employer is correct. Rebate of 2000 Rs should be deducted from Gross/total tax Payable before calculating education cess i.e. education cess should be calculated on net tax payable after adjusting rebate of Rs 2000.

Nitin Bhatia
Nitin Bhatia
9 years ago

1. Click on https://incometaxindiaefiling.gov.in/

2. Click”Forget Password” in login section

3. Enter your PAN No as user id and captcha code then click on continue

4. Now you will get 3 options
(a) answer secret question
(b) Upload Digital Signature Certificate
(c) Enter e-filed Acknowledgement Number and Bank Account Number

5. Pull out your last FY 2012-13 i.e. AY 2013-14 income tax return. You can easily find Acknowledgement Number and Bank Account Number on your last year return

6. Enter the details and submit

7. After this you will get a screen to enter New Password. Please enter new password and after you log in with new password kindly change all the details like Mobile No, Email Id etc.

If the above process does not work then send an email to validate@incometaxindia.gov.in

with following details and request for password reset
1. PAN No
2. Name
3. DOB
4. Father’s Name
5. Registered PAN address

You will receive mail within 2-3 days with the link to reset the password.

shashikant
shashikant
8 years ago
Reply to  Nitin Bhatia

Dear Sir,
Good Afternoon,
One of my client is working with an organization & received Form 16 from its two sister concern,one before due date having refund and another after the due date having refund, the ITR was filed for one before due date and refund was claimed for excess tax deduction, for which he have received the refund from the IT dept. now for the another Form 16 was received on 01.10.2015 having refund, and now after clubbing the two concern’s income, there is shown a increased tax liability, Hence, please suggest the solution for the same, should he revise the IT return after paying the increased tax liability and what about the refund he has already received for the first sister concern for which the ITR was filed before due date.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  shashikant

He may file revised ITR and pay self assessment tax after clubbing income.

Nitin Bhatia
Nitin Bhatia
9 years ago

No provided there is no other income except salary.

syed shakeeb
syed shakeeb
9 years ago

Hi Sir,

I have wrongly selected assessment year as 2013-2014 instead of 2014-2015. In my ITR-V, the assessment year is showing up as 2013-2014. I have NOT sent the ITR-V to CPC yet. Please let me know what I can do to correct my mistake.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  syed shakeeb

You can file revised income tax return u/s 139(5)

syed shakeeb
syed shakeeb
9 years ago
Reply to  Nitin Bhatia

Sir,

I e-filed my returns. Will I have to send the generated ITR V(that has assessment year as 2013-2014 instead of 2014-2015) to CPC, wait for their notice and then file returns for assessment year 2014-2015 under section 139(5)? Please guide me

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  syed shakeeb

You should not send wrong ITR V to CPC, infact you should file revised return before receiving any notice from IT department.

syed shakeeb
syed shakeeb
9 years ago
Reply to  Nitin Bhatia

Sir,
I tried e-filing a revised return under section 139(5), by selecting assessment year as 2014-15. I entered the e-filing acknowledgement number shown in my original ITRV(Where i had entered assessment year as 2013-14). When i tried to submit, i got an error message saying “Invalid Acknowledgement Number”. How do I go about it?

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  syed shakeeb

You may call the helpline no of IT department to check the reason for error.

Alok
Alok
9 years ago

Can I send all family members ITR V in a single envelope to CPC ? Or do I need to compulsarily send each of them separately ?

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Alok

You may send all ITR V acknowledgements in single envelope. I also sent through speed post in single envelope. A rupee saved is rupee earned :)

Alok
Alok
9 years ago
Reply to  Nitin Bhatia

Indeed….Thanks!

narayan
narayan
8 years ago
Reply to  Nitin Bhatia

a rupee earned without further tax!

Neeraj Patil
Neeraj Patil
9 years ago

Hello Sir,
While filling the details in ITR-1, I filled only 80C section and TDS sections, but did not fill all the income details of Form16. while calculating tax it did not show up any discrepancies (sheet is Ok popup). As the tax paid calculations was same as per the TDS deducted amount.

After uploading the xml, in the acknowledgement received (ITRV), i could see that refund as same as TDS amount. Can you pls help me if this correct?

If wrong, can i correct and upload it again?
Also do i need to mention all the details of the form16 details in ITR?

Thanks!!!

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Neeraj Patil

First you should check form 26AS for all TDS details & match with ITR. Secondly, it seems either you paid more tax or less tax. Your ITR form should exactly match with Form 16 and all the details in relevant columns should match including all income details as declared in form 16. Last possibility is that while filing return, the system pre-fill TDS details and if you again entered TDS details manually then Tax paid will be double therefore system will show refund equal to TDS paid.

If it is wrong then you can correct and file the revised income tax return u/s 139(5)

Neeraj Patil
Neeraj Patil
9 years ago
Reply to  Nitin Bhatia

Thank you sir, I have revised it now. but unable to submit under 139(1).
when & how can i submit the revised returns under 139(5)?

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Neeraj Patil

You have to mention as “Revised Return” and select the Sec 139(5) instead of 139(1). Hope you enabled macros in excel.

Neeraj Patil
Neeraj Patil
9 years ago
Reply to  Nitin Bhatia

Thank you,
I did it accrodingly.

karan
karan
9 years ago

when i was filling itr on line, by mistake i entered refund amount 1530 instead of 1527.
what should i do ?
is it ok or not..?
if not then how can i modify this ?

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  karan

Don’t worry. IT department will reconcile your tax details with form 26AS and will issue refund of Rs 1527 only instead of Rs 1530. I will not recommend to file revised return just to correct this error.

Patil
Patil
9 years ago

Hi,

I am moving to Abu Dhabi (UAE) in mid-October 2014. I have
certain queries regarding Income Tax.

1) Will I qualify as NRI in this 2014-15 financial year (FY)? If not when will I be so? In October 2015?

2) If not NRI, will I have to pay income tax in India this FY including the salary I will get in UAE (as income in UAE is tax-free)? If so, is there any other legal way to avoid or minimize tax on salary income outside India in this FY?

3) Will I have to intimate or inform Income Tax dept that I am moving out of India? If so, how and when?

I am really confused regarding this.

Please help.

Thanks.

Patil P

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Patil

During Financial year i.e. from 1st April, 2014 to 31st March, 2015 if you stay in India for more than 182 days then you will be considered as Resident Indian for tax purpose. For detailed answer, i suggest you to check with CA as more details are required e.g. type of employment VISA, your current sources of income etc.

Patil
Patil
9 years ago
Reply to  Nitin Bhatia

Thank you for the reply.

Patil
Patil
9 years ago
Reply to  Patil

Will I have to pay taxes on entire salary or only basic salary earned in UAE during my Resident Indian status?

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Patil

It depends which account you open NRE or NRO

Anuj K Jain
Anuj K Jain
9 years ago

filed return in November for AY 2014-15. but selected option before due date on e- filing assessment sheet will that be accepted or rejected

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Anuj K Jain

You need to file revised return u/s 139(5) to correct the same.

Raj
Raj
9 years ago

Hello,

In ITR 4 (AY 2014-15), if we want to show in Person A ITR that he has given interest free unsecured loan to wife, then should it come under:

Loans and advances:

1 Advances recoverable in cash or in kind or for value to be received?

2. Deposits, loans, and advances to corporates and others?

Also, where it should be shown in wife ITR 4 (receiver) ?

And, what is the maximum limit & period for which interest free unsecured loan can be given?

Thanks,

Raj

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Raj

To answer this query, i need to go through your ITR and other details. If you wish to avail personalized consultation then you can call me at +91 94 800 21000 or mail me at info@nitinbhatia.in

Subramaniam
Subramaniam
9 years ago

Hi

I’ve submitted my e-returns for ay 2013-14 on time and got refund also. But later i found that i missed to declare income from other sources and TDS. I’ve paid an excess tax of around 25k. Some people commented that revised return can be filed before the end of one year of assessment year or assessment by CPC whichever is earlier. But i revised my ITR electronically this November and sent revised ITR-V to CPC and got an acknowledgment for receipt. The current status of ITR is under processing. Pls let me know if i’ll get refund or it ‘ll be rejected. Do i have to send original ITR-V along with revised one?

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Subramaniam

As you rightly mentioned that after assessment by CPC, you cannot file revised return. It will be rejected by CPC.

Subramaniam
Subramaniam
9 years ago
Reply to  Nitin Bhatia

Thanks for your reply. Its already 15 days since my hard copy of ITR received at CPC and the status is not showing rejected.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Subramaniam

Request you to wait for update from CPC

Subramaniam
Subramaniam
9 years ago
Reply to  Nitin Bhatia

Can i file rectification request

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Subramaniam

In my opinion, it is not possible as i mentioned in my previous comment also because your return is already assessed.

Monty Grover
Monty Grover
9 years ago

Dear Sir,

If an assessee has filed his return of Income for A.Y. 14-15 in wrong section like he was required to file u/s 139(1) whereas wrongly selected “in response to notice u/s 148”, now the return has been transferred by the CPC to Local AO, Now i want to ask you what are the options available to assessee, since refund is due in that return and income is not chargeable to tax i.e. not exceeding the maximum exemption slab of Rs. 2.5 lac

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Monty Grover

I need to check complete case before commenting. If you convince AO that it was unintentional error then you will get refund.

HKhalid
HKhalid
9 years ago

Hello,
I had filed my taxes last year using the ITR-1 form and sent over the itr-v acknowledgement.It is only now that I have noticed that the past years I had been using ITR-2 form.I received their acknowledgement too but have not yet received my income tax returns cheque. Should I correct this mistake and which form should i file this year ITR-1 or ITR-2.Thanks

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  HKhalid

Filing of ITR 1 or ITR 2 depend on your source of income. It is not mandatory that if you are filing ITR 2 in past then you should continue filing ITR 2. Normally ITR 2 is filed if you have income from capital gain / more than one house property / foreign assets.

If ITR 2 is applicable in your case then you can file revised return u/s 139(5) subject to certain conditions.

HARPREET SINGH
HARPREET SINGH
9 years ago

Dear sir,
I HAVE FILED ITR 1 BY MISTAKENLY OR WRONGLY WITHOUT SHOWING GROSS TOTAL INCOME AND IT HAS GENERATED ACKNOWLEDGE NUMBER AS WELL…..KNOW TELL ME HOW I CAN CANCEL MY THAT ITR 1 FORM WHICH IS ALREADY GENERATED.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  HARPREET SINGH

You can file revised return u/s 139(5) subject to certain conditions.

Jyothi
Jyothi
9 years ago

Dear sir..

I filed my ITR 1 for 2014-15 on 16-07-2015.I selected “Tax payable” instead of “Tax refundable”.This is the first time I am filing it online and selected “Tax payable” unknowingly. I didn’t get any acknowledgement about my form being accepted. When I tries to Re-submit it by making the correction, I got this error “only one original itr can be filed u/s 139(1). please change the section and retry”.

Please tell me weather my form is submitted? if not how do i submit?
please do reply.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Jyothi

You can file revised return u/s 139(5) subject to certain conditions

Jyothi
Jyothi
9 years ago
Reply to  Nitin Bhatia

Can u please tell me the difference between “tax payable” and “tax refundable” and will it cause any problem.??

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Jyothi

Tax payable means due to IT department from your end. Tax refundable means you paid extra tax and IT department will refund you the same.

Prateek
Prateek
8 years ago

Dear Sir,

I tried to file ITR1 for. F.Y.2014-2015 form form16.
In form16 Employer didn’t gave deduction of HRA but In salary sleep we getting HRA,
1. while filing ITR-1 can we take the deduction of HRA in this case ? how?
2. other doubt is:- In 26AS salary income is Gross and when i entered salaried income of F.Y. 2014-15 in salary head in ITR-1 the pop come that your salary income is less then 90% of your income shown in 26AS

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Prateek

1. Please check my following post
https://www.nitinbhatia.in/personal-finance/hra-house-rent-allowance/
2. You need to put Gross Salary minus Allowances exempted u/s 10 under salary

Roshan
Roshan
8 years ago

Dear sir ,
I am trying to file my return but when i click on submit I get error of only one ITR1 can be filled u/s 139(1) And also i saw that when go to Tax detail on amount tax deducted by employer is greater then on form 16 then should have to change amount which is provided on form 16 or should stick to amount which is appear automatically .

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Roshan

You may seek refund. Also it seems you are not selecting correct FY or AY.

VASUDEO PARPYANI
VASUDEO PARPYANI
8 years ago

while uploading itr4 by mistake exempted income figure filled wrongly

Nitin Bhatia
Nitin Bhatia
8 years ago

You may file revised return.

narayan
narayan
8 years ago

Dear Nitin Bhatia,

I had collected AO related data six months ago and used it to file my wife’s return a few days ago. Now I find this has changed. Should I do a revised filing?

I had 5 past returns pending for various reasons. I have figured out the problem in 3 of them. I was not able to get into the request rectification. I quoted the notification numbers correctly. It still did not allow me access. I requested for reissue of notification for the three ITRs. I got back one notification where they could not process refund. I have responded to this by providing required bank details. For the other two, I am still unable to access using the notification number. I am also not getting a resent notification from the department.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  narayan

You may file revised return.

Manmohan
Manmohan
8 years ago
Reply to  narayan

Dear Nitin

due to lack of knowledge i have filed ITR-1 in place of ITR-2 and got intimation 143A with tax liability as tax rebait under sec90 was not considered due to wrong ITR. Now i have submitted the revised and correct ITR-2 , So that should be good enough and make the required correct in IT system or should i answer the Intimation 143A as well ?

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Manmohan

You have to reply to intimation u/s 143A and explain that you filed revised return.

Manny
Manny
8 years ago

Dear Nitin, Need your help. Yesterday I filed my returns using a private site(taxspanner). By mistake my ITR filing went through ITR-2A form and all these while I have be filing with ITR-1 without any issues. I don’t have more than one house or capital gains etc., Only my conveyance allowance is 9600. I have only home loan for which I have claimed ‘loss on property’ and I have claimed 80 C and 80D. Nothing else.

Can you please let me know if i should refile my return if its possible and will income tax department accept change from ITR-2A to ITR-1? Or should I leave it as it is?

Thanks a lot for your help.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Manny

You may file revised return.

harshul
harshul
8 years ago

Hi Nitin,

There is no need to send the ITR v Acknowledgement if you e verify the same through net banking. This option is new I guess.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  harshul

That’s correct.

Alok Kumar
Alok Kumar
8 years ago

Hello Nitin,

I have withdrawn my PF from my last company in FY 13-14, without serving continuous 5 years. But in my form 26AS of assessment year 15-16 PF amount withdrawn is showing as credited and tax is deducted on that amount. Should i include this amount credited as salary and tax deducted while e-filling ITR this year?

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Alok Kumar

Tax treatment will be diff for employers contribution, tax benefit claimed u/s 80C and Interest on own contribution.

Mir
Mir
8 years ago

Hello Nitin,

I have filed my ITR recently in ITR-1 form.
But I think I made a mistake. I filled income under salary (in section 19 TDS1 of ITR-1) from section “8.Gross Total Income(6+7)” of form-16. [The correct entry should be 11.Total Income(8-10)?]

What do you suggest? Revise ITR filing?
Note that as per Form-16, there is no tax due for payment or return.

Thanks.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Mir

You may revise your return.

Manoj
Manoj
8 years ago

I have received income tax refund last FY-14-15 ( AY15-16), should it be shown in exempt income ( interest, if any, to be shown in other sources of Income) or shown as Income earned in FY 14-15. I file my own returns as it is simple. But this time I had a doubt on receiving tax refunds and how to show them.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Manoj

It is not an income. You need not show in your ITR.

suneetha potla
suneetha potla
8 years ago

Hi Nitin,

Yesterday I filed my returns using a private site(taxspanner). They did some mistake and i haven’t e-verified that ITR. again my friend did ITR with revised option. In incometax portal, i am able to see both forms are required to e-verify. Do i need to e-verify through net banking for both ITR acknowledgement forms or latest revised ITR is enough?

Thanks,

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  suneetha potla

You can e-verify latest revised ITR.

Pankaj Tare
Pankaj Tare
8 years ago

I wrongly entered assessment year as 14-15 and sent it to bangalore as well. What so I do now.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Pankaj Tare
Ganesan
Ganesan
8 years ago

Hi Nitin, I filed the ITR 1 return online and received the assessment order for FY 2014-15 by 20th Aug 2015. I paid 1.25 L to my PPF account on Mar 31st and I would like to claim the PPF under section 80C. Please let me know, if I need to file revised or rectification of the return.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Ganesan

You may file revised return.

raju
raju
8 years ago

Hi Nitin, i filed the IRT-1 return the assessment order for FY 2015-16 fill upload Acknowledgement recived yesterday mistake gross total income What do you suggest? plz….

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  raju

You may file revised return.

Sneha
Sneha
8 years ago

Hi Sir,
I am having Home loan sanction 3125000, and got 2475000 in FY 2014-15 because the building construction work progress(80%), and flat price comes less than 40 lack so is it the case eligible for Tax benefit 80EE ?(As well I’m ist time property buyer)

2.) In the FY 2014-15 purchased property and start to pay EMI but not yet construction completed, so can i claim the interest paid in Under section 24?(Stamp duty and Registration fees shown in 80C)

3.)last year(FY 2013-14) i missed my ITR fill-up because income was not in taxable amount so should i fill it now ?

Thanks Sneha

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Sneha

1. No
2. Only stamp duty and registration charges can be claimed. Interest cannot be claimed till you receive possession.
3. This year you can file.

anonymous
anonymous
8 years ago

anonymous

anonymous
anonymous
8 years ago

Sir, Unfortunately i have filed wrong ITR, Instead of ITR 2, I filed ITR 1. Can I file ITR 2 as revised return quickly ? Are there any implications ?

The tax website I was using at the last moment was not working. So I quickly downloaded ITR 1 and filed it, because the numbers some how matched as in my form 16. only to realise later that i had filed it incorrectly.

Kindly suggest the best course of action

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  anonymous

Yes you can file revised return. Only implication is that it will definitely come under scrutiny.

Sharan
Sharan
8 years ago

Hi Nitin,

I have filed FY 2014-15 ITR return on 31st August 2015 on time and received ITR V PDF from Income tax dept. but when I was reviewing ITR1 form in the income tax portal, it is showing as RETURN FILED UNDER SECTION 12 – AFTER DUE DATE 139(4) may be I have selected wrong option.

Will there be any issue in this case? If yes how to resolve this. Please help.

Thanks for clarifying in advance.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Sharan

This option must have been selected by you while filing ITR. You can rectify the same online.

Shailesh
Shailesh
8 years ago

if i revised my income tax return then i have send original acknowledgement with revised one.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Shailesh

You need not send physical ack but need to mention details of original return in revised return.

Raj
Raj
8 years ago

Hello Sir, I have filed ITR for 2015-16, and did a mistake on filling income details, accedentiliy I filled incorrect amount in 80C section and in online ITR Form it was showing Refund. So I selected option ‘Refund’ then submitted and e-verified successfully. But after 2 days i had doubt so I checked and then filed a Revised return by correcting the mistak. Now, even after I filed a revised return, CPC has submitted the Refund to my bank account by processing the ORIGINAL ITR. Ideally there should not be any refund.
Hope there should not be any problem, What can I do for it? How can I return this refund to Incom tax department?

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Raj

Revised Return can only be filed till it is be assessed. This time IT department is processing refunds at very fast pace. You may approach your assessing officer to check the same.

Tanuj
Tanuj
8 years ago

Hello sir, I have wrongly filled my taxable income in ITR and now i have recieved the refund also through check, need your guidance on this

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Tanuj

You may check with your ITR Assessing Officer.

Tanuj
Tanuj
8 years ago
Reply to  Nitin Bhatia

Where can i check with him, or else the amount which i recieved refund back to them through epay challan on ITR site and revise my ITR

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Tanuj

Assessing office is mapped to your PAN. Check online on income tax website.

aparna
aparna
8 years ago

Hello Sir, what happened is that my employer made a mistake by only deducting two quarter tax, which comes to 3841 where it has to be 8437for the whole assessment year, now I’ve paid the rest of the amount through state bank but i cant understand how to revise it. (i’ve efiled before august 30th. ) .Need your help.

aparna
aparna
8 years ago

Hello Sir, what happened is that my employer made a mistake by only deducting two quarter tax, which comes to 3841 where it has to be 8437for the whole assessment year, now I’ve paid the rest of the amount through state bank but i cant understand how to revise it. (i’ve efiled before august 30th. ) .Need your help
.After the taxes are paid through Challan 280,i got a counter foil as acknowledgement for the taxes paid. Receipt has details of person paying the tax, amount, type of payment etc and Challan Identification Number (CIN) . It says i have to do the following things. The challan identification number has to be cited in the return of income as of tax payment. CIN can also be cited in any further queries about the tax payment. But I cant figure out how to efile it now. and where to enter the details of the challan in the revised return.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  aparna

You may file revised return if it is not assessed.

Niraj Pandey
Niraj Pandey
8 years ago

Hello Sir,
I have deducted TDS under wrong Deductee Code. whether it will create any issue in future??
And i would like to know whether Original ITR need to send at Banglore if i have revised ITR Twice. ??? Please Help

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Niraj Pandey

It may create problem in future. You may file revised return or correct the existing return.

sandhya
sandhya
8 years ago

Sir,

I had made mistake while filing return for AY 2012-13.
I had filled tax deducted from salary income in self assessment tax.
now i have got demand for AY 2012-13 under Section 154.

now for AY 2014-15 tax refund is pending because of thins and i have got demand for the same.

Please suggest.

Thanks

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  sandhya

You may approach your Assessing office along with proofs and explain your case.

kumar kalpam
kumar kalpam
8 years ago

income tax itr

kumar kalpam
kumar kalpam
8 years ago

Dear Sir,

I had made a mistake while filling ITR for FY 2012-2013.

i had filled income & tax deducted from form 16 of AY 2103-14 while my income in the FY 2011-2012 was not taxable.

now i got demand for AY 2012-13 under section 245

now for AY 2014-15 tax refund is pending because of thins and i have got demand for the same.

also i have not filled ITR for AY 2013-14 , can i fill it now.

please suggest.

Thanks,
Kalpam Chauhan

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  kumar kalpam

My apologies but i could not understand your query.

Niraj Pandey
Niraj Pandey
8 years ago

Hello Sir,
i have enrolled for PTEC in the month of June 2015 but yet i have filled return only for the month of Aug 2015. What will be the consequence??? Please tell me if i have paid liability for the month of Sept 2015 what will be the return period for PTEC.

Niraj Pandey
Niraj Pandey
8 years ago

Hello Sir,
i have Registered for PTRC in the month of June 2015 but yet i have filled return only for the month of Aug 2015. What will be the consequence??? Please tell me if i have paid liability for the month of Sept 2015 what will be the return period for PTRC.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Niraj Pandey

You have not mentioned whether you are referring to PTEC liability or PTR liability.

Niraj Pandey
Niraj Pandey
8 years ago
Reply to  Nitin Bhatia

PTRC, along with above question i would also like to know what will be the return period in case of PTRC if i have paid PTRC liability of the month of Sept 2015

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Niraj Pandey

The liability is either PTEC or PTR. Pls check with your CA reg same.

seema garg
seema garg
8 years ago

Dear Sir,

i have never filed my Income Tax Returns (My age is 52) but i have started filing my income tax return from last three years only i have shown 1.78 lakh,3.76lakh, &2.10 lakhs profits for last three years (from F.Y. 2011-12 to 2013-14)respectively and in this F.Y.-2014-15 i have purchased a residential house property (i have only 1 house property) occupied by me by making cash payament of 16 lakhs to seller Registered Value is also 16 lakhs…so can i purchase it??? how my balance sheet be prepared according to Income Tax???pls help

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  seema garg

I don’t suggest Cash Payment in property transaction. Cash Payment is linked to circulation of black money. You need to declare this property in your ITR.

Gopal Agrawal
Gopal Agrawal
8 years ago
Reply to  Nitin Bhatia

How to show the Property in ITR when a salary person is purchasing a property.

dipak patel
dipak patel
8 years ago

Hello sir, I am govt. Employee i e-filed return with 89(1) relief. cpc did not take the same in tax computation u/s 143 so has raised tax demand on intimation. After searching my query on google I come to know I forgot to upload 10E. But after uploading 10E now and apply for retification which option I should select in retification menu different option….and also please let me know whether I am in right track or not.? Please explained the whole process from your side.

Thanking you.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  dipak patel

To answer this query, i need to check complete details.You cannot rectify return after it is assessed by the AO.

Neet
Neet
8 years ago

Hello Sir, I had filled my ITR for the year 2014-15 and in August I got statement from Income Tax dept. that there’s no refund due while I still haven’t got my refund as my salary is below the taxable income.
It was pointed out to me that I’ve filled ITR for form 16 while I should have filled for 16A. Can anything be done now? Please tell me, will I get my money refunded now. What should I do now…please help me.

Thanking-you.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Neet

You may approach your Assessing Officer for correction.

Gopal Agrawal
Gopal Agrawal
8 years ago

Hello Sir,

How to show the Loan given/taken to spouse in ITR. I will be investing the money after taking the loan from my wife to house property,

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Gopal Agrawal

You need not show in ITR. You can sign a loan agreement with your wife.

Geetha
Geetha
9 years ago

Nithin Sir,

When I try to register at incometaxefiling, it says my PAN is already registered. I am not able to go through “forget password”. I dont remember when I registered or did some one else register for me.

What should I do ?

Ashish
Ashish
9 years ago

Hi Sir,

Wanted to confirm if i have withdrawn amount from my PPF account and used it to make payments towards (self-contribution) a recently purchased flat. Will i have to fill ITR 2 next year?

ashish rana
ashish rana
8 years ago

Hi I haven’t filled my ITR for assessment year 2013-14.Now I have received a notice from Incometax department for not filling ITR 2013-14. Can I still fill my ITR return for assessment year 2013-14.? If yes then is there any tax liability on me? I am salaried employee and my employer already deducted tax for assessment year 2013-14

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  ashish rana

You need not worry if all the taxes are paid. You should check the IT notice and follow the instructions. A late filing penalty of Rs 5000 can be imposed.

ashish rana
ashish rana
8 years ago
Reply to  Nitin Bhatia

Can I still fill my ITR for assessment year 2013-14 ?
If yes after filling ITR for assessment year 2013-14 a penalty can be imposed on me?

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  ashish rana

Yes, you can file ITR. As i mentioned penalty can be imposed.

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