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Common Mistakes To Avoid While Income Tax Return Filing

  • January 7, 2022June 13, 2022

If you are looking for professional Income tax return filing agents in Mumbai, you should consider working with Taxcom

Most people find income tax return filing confusing because of the amount of paperwork it takes. However, with the power of digitalization, you can find income tax return filing agents online who would do the process easier. This guide will show you the best Income tax return filing services in Mumbai.

What is Income Tax Return Filing

Income tax return filing is how individuals or entities report their taxable income to the government. This involves completing a form or declaration that details all of the individual’s or entity’s income and expenses for the year. The purpose of this process is to ensure that everyone who has income pays their fair share of taxes.

What is an Income Tax Return Filing Agent

The income tax return filing agents are someone who helps taxpayers file their annual income tax returns with the government. This could be an accountant or tax preparer. The agent will help you gather all necessary paperwork and information, complete the return, and submit it to the appropriate authorities. They can also offer advice on how to reduce your income tax liability in the future.

Why Use An Income Tax Return Filing Agents

There are many reasons to use income tax return filing agents. Perhaps the most important reason is to ensure that your tax return is accurate and filed on time.

Another reason to use income tax return filing services in Mumbai is to let your agent know if any major changes in your life will be occurring, such as buying or selling a house and any other financial transactions. Depending on the circumstances, these changes can affect the amount of tax you pay.

Other reasons for using an income tax return filing agent are that they can help you find tax credits and deductions that you may be entitled to receive and can help reduce your overall tax bill. Additionally, they can keep you informed of any changes in the tax laws that may affect your return.

Documentation Requirements For Filing Income Tax Returns 

  • Bank Passbook or Statement
  • Pan Card Copy
  • Interest statement of housing loan, if any
  • Property tax or rental receipts, if any
  • Form 16
  • Aadhar Card (For Indians)
  • Share Trading Statement, if any
  • Investment documents such as NPS, NSC, PPF, insurance, etc.

Common Mistakes People Make When Filing Their Income Tax Return

There are many common mistakes people make when filing their income tax returns. The most common includes:

Not Filing a Return At All

According to the income tax department, many taxpayers usually do not file a return every year, which can lead to big penalties and missed opportunities for tax savings.

Filing late

TYou will likely face penalties and interest charges if you file your return after the deadline. The best way to avoid these charges is to file your return as soon as possible.

Not Taking All of the Deductions and Credits You’re Entitled To

There are many deductions and credits available, and it’s important to take advantage of as many as possible. Be sure to research all of the options available to you and claim what you are eligible for.

Not Reporting All of Your Income

It’s important to report all of your income on your tax return, even from a source that is not normally taxable.

Filing an Incorrect Return

This can lead to delays in getting your refund or even paying back taxes and penalties. To avoid this, be sure to double-check your return for accuracy before filing.

Note: If you want to make sure that you don’t make any of these common mistakes, be sure to consult with a tax professional. They can help ensure that your return is filed correctly and that you get the maximum amount of tax savings possible.

Why Choose Taxcom For Income Tax Return Filing Services

Anyone looking for income tax return filing agents in Mumbai to file their income tax returns should consider Taxcom for all of their needs. They offer a complete package that includes filling out the returns and sending them to the Income Tax Department for filing. They have a team of accountants and agents knowledgeable in all aspects of income tax filing at affordable prices with no hidden fees. Taxcom is the best Income tax return filing services in Mumbai, which provides complete support throughout the entire process, from start to finish.

Summing Up

Taxpayers must file an income tax return each year, even if they do not owe any taxes. By filing a return, taxpayers comply with the law and avoid potential penalties. Avail top-rated income tax return filing services in Mumbai by Taxcom to properly file taxes on time.

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