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Top 10, Myths about Income Tax Return Filing on 31st March, 2013 (Deadline)

F.S Dhiman , Last updated: 29 March 2013  

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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Published by

F.S Dhiman
(Chief- Counsel)
Category Taxpayers   Report

4 Likes   57707 Views


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