ITR Filing Tips: Special precautions should be taken while filing ITR. Any discrepancy on your part may result in a notice from the Income Tax Department.
There are certain information to be provided by the taxpayers while filing ITR. Know about the details that need to be submitted:
bank accounts
- Be sure to provide information about all bank accounts.
- Also give information about the accounts in which you have joint holdings.
- Provide bank name, account number and IFSC code
- If there are multiple bank accounts, be sure to mention the account where you want to deposit the refund.
- If the bank account is not active for the last three years, it is not necessary to provide the same.
unlisted equity shares
- If you own shares of a company that are not yet listed on the market, you must report such shares. You have to provide the name, PAN, purchase and sale of total shares during the entire year of the company in which you have a stake.
- Make sure that even if you have purchased shares of a foreign unlisted company and have also disclosed the same under the Foreign Assets Schedule, this information has to be given separately in the form of unlisted equity shares.
assets Liabilities
- If the taxable income in a financial year exceeds Rs. 50 lakhs, then the details of land, building, movable property, bank accounts, shares and bonds etc. have to be given.
- Any liabilities on these assets also have to be disclosed.
- This is to be disclosed under Schedule Assets and Liabilities.
foreign assets
- If you, as the owner or beneficiary, have a stake in any foreign asset for even a day, it must be reported.
- Assets abroad, holding in a foreign company or investment in foreign mutual funds, etc. have to be disclosed.
mention these details
- If the taxpayer is a director in a company (Indian or foreign), it has to be mentioned.
- Company’s Director Identification Number (DIN), name, type and PAN have to be given.
- It should also be mentioned whether the shares of the company are listed on any recognized stock exchange or not.
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