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Aaykar
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Providing correct income details

Details of all the #incomes earned during the year should be declared. It should be ensured that incomes like interest on investments, interest on saving account, t#axable gain on sale of shares/mutual funds, etc. are declared in the #return. The common mistake observed is omission to declare #interest on saving bank account, FDs, NSC, etc. If you have earned interest on saving bank account/post office saving account then don’t forget to declare the same in your return and on the same hand make sure that you claim deduction upto Rs. 10,000 under section 80TTA (first you have to declare entire saving interest as income and then claim deduction under section 80TTA of upto Rs. 10,000). 

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Providing correct and complete personal and other details

Apart from providing correct personal details it is very important to provide complete information which will cover items like email id, telephone/mobile number, aadhar number, passport number (not required if filing #ITR1) and details of all bank accounts (saving/current).
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The #returnfiling season is on and for salaried employees the last date for filing the #ITreturn is 31st July, 2016 (for returns pertaining to FY 2015-16). Timely filing of return is a good practice and has many advantages too. However, apart from timely filing it is very important to file correct and accurate information. In this article we shall discuss few important points to be kept in mind before filing the return of income.

Selecting the correct return form

6 different forms are notified by #Government for an individual tax payer viz. #ITR 1, ITR 2, ITR 2A, ITR 3, ITR 4 and ITR 4S. A taxpayer not having income from business/profession has to select only from 3 forms viz. ITR 1, ITR 2 and ITR 2A. Thus a salaried person not having business/profession income has to choose amongst ITR 1, ITR 2 and ITR 2A depending upon his/her income. 

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