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This is the last date for filing income tax return, have you done all the work

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Income Tax Return: The last date for filing Income Tax Return is getting closer everyday. The department has set a deadline of December 31 for this. In such a situation, if you have not filed ITR yet, then do it as soon as possible. However, before this it is very important to take care of some important things. The biggest thing is that you have to give complete details of all types of transactions. If you miss even a little while doing this, then problems may arise for you.

most important work

In ITR, you have to give the details of your entire year’s earnings. It includes all types of financial transactions. Experts say that information related to all transactions must be entered while filing income tax return. On hiding these, the Income Tax Department can send you a notice and impose a fine.

Also, keep in mind that if you have purchased any property during the financial year and its value is Rs 30 lakh or more, then it is necessary to give complete information about it. Trying to hide this information can cost you a lot.

Bank related information

It is very important to provide information about all the transactions done with the bank while filing income tax return. Because these details are already available with the Income Tax Department. In this, definitely enter the information related to the purchase of FD or shares, mutual funds, debentures and bonds.

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You have to note that while filing the income tax return, you will also have to provide the details of the gift received. According to the Income Tax rules, if you have received gifts worth more than Rs 50,000 in a year, then tax will have to be paid on it.

Form-26 AS match income with

Form-26AS or Tax Credit Statement gives all the details of payment of TDS deducted on your earnings. So do check it before claiming refund. Also, taxpayers should reconcile their income with Form-26AS and Form 16/16A by filing ITR.

There has been a huge increase in purchases through credit cards in the country. After this purchase, many people deposit the credit card bill in cash. In such a situation, you will have to give this information in the ITR. If the credit card bill is more than Rs 1 lakh and you are paying it in cash, then definitely tell this to the Income Tax Department.

Saving information

By the way, every information about your bank account remains with the Income Tax Department. Still, you have to make sure that you give complete details of savings account while filing ITR. If you deposit more than Rs 10 lakh in cash in your savings account, then it is very important to mention this while filing the return.

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