ITR: These 5 problems come in filing in front of salary earners, get rid of them like this


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Income Tax Return : It is necessary to file Income Tax Return (ITR) for salaried individuals with an annual income of more than Rs 2.5 lakh. There are many provisions in the income tax rules through which employees can reduce their total tax outgo. However, still many employees fail to make the most of these tax saving provisions. That’s why we will tell you here about five common problems faced by salaried employees and their solutions.

ITR: These 5 problems come in front of salary people

Information about available deductions
A large number of salaried employees are unaware of the deductions available to them apart from Section 80C of Income Tax. Experts say that tax planning awareness is necessary to reduce tax liability, which is achieved in many ways. These include 80 CCD (1B), 80D, 80E, 80 EEA, 80 EEB, 80 G, 80 TTA, 80 TTB and 80 U. They need to be educated.

Less TDS deducted due to multiple Form 16
Whenever an employee changes his job, the employer claims standard deduction and basic exemption due to which TDS is deducted less and the employee pays self-assessment tax along with interest while filing the return. To avoid this, the employee should declare the income received from the previous employer to his current employer so that it appears in Form 16 as well and deduct TDS accordingly.

ITR: These 5 problems come in front of salary people

Can’t avail HRA (House Rent Allowance) tax relief
Many employees often fail to submit HRA documents to their employer on time. Therefore, they do not consider HRA exemption while computing the tax liability, which results in higher level of TDS being deducted throughout the year. According to tax experts, employees should do three things to avoid such a situation. These include providing declaration of rent at the beginning of the year, timely submission of rent agreement, rent receipt and other documents required by the employer and claiming deduction under section 80GG up to Rs.60000 if HRA is not received from his employer. do include.

Interest and penalty for non-payment of advance tax on income other than salary
Salaried employees often assume that TDS is being deducted by their employer and hence no advance tax is required to be paid by them. However, it attracts interest and penalty under sections 234B and 234C at the time of return filing. To avoid such situations, the employees should take two steps. These include declaring all income other than salary to the employer at the beginning of the year and paying 90% of the total tax liability before the end of the financial year.

ITR: These 5 problems come in front of salary people

Failure to report income shown in AIS (Annual Information Statement)
A salaried individual may understate his income if the AIS is not checked or there is a mismatch of income reflected in 26AS. Experts say that to ensure accurate reporting of income, the employee should tally the figures and match the same with the employer/Form 16 in case of any discrepancy in Form 26AS.

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english summary

ITR These 5 problems come in filing in front of salary earners get rid of them like this

Whenever an employee changes his job, the employer claims standard deduction and basic exemption due to which TDS is deducted less and the employee pays self-assessment tax along with interest at the time of filing the return.

Story first published: Monday, November 14, 2022, 16:27 [IST]





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