The deadline for submitting an income tax return for fiscal year 2022-23 is July 31. This deadline will not be extended. As a result, taxpayers who have not yet submitted their Income Tax Returns are required to do so as soon as possible.
However, when it comes to filing IT Returns, people make blunders that make them land in trouble. There are a few sources that people overlook while completing their IT Returns and are subsequently sent with a notification from the Income Tax department.
5 Sources To Not Miss While Filing The Income Tax Return
1. Provide Information About Children’s Accounts
If you have made an investment in your child’s name and are receiving money from it, you must register it while submitting your income tax return. Parents frequently create bank accounts in their younger children’s names and invest in their names. They do not, however, include the interest earned in their total taxable income. A benefit of Rs 1500 can be obtained by adding this revenue to your income.
2. Information On Foreign Investments
If you have any international investments, such as assets, foreign funds, or property, you must disclose them when completing your ITR.
3. Interest Earned On A Savings Account
People frequently fail to include the interest collected from savings bank accounts in their overall income when filing taxes. Because they dismiss it as a little source of income. Taxpayers must also submit this in their ITR. In addition, they can seek a ten thousand rupee rebate under Section 80TTA within one year.
4. Include Any Accumulated Interest As Well
Accrued interest refers to interest revenue that will be paid only at maturity. In this situation, TDS will be deducted. When submitting your ITR, you must include all of your investments.
5. ROI (Return On Investment)
You must also provide the return on investment when completing the IT Return. If you have invested in a Public Provident Fund, the interest you earn is tax-free. That is why you must declare it as income.