Top 5 ITR filing Mistakes to get INCOME TAX NOTICE | Income tax returns filing AY2023-24 | Bonusinfo

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Filing your Income Tax Return (ITR) can be a daunting task, and making mistakes in the process can lead to receiving an Income Tax Notice from the authorities. In this informative video, we will discuss the top 5 ITR filing mistakes that you must avoid to prevent any unwelcome surprises from the tax department.

Incorrect Information: One of the most common mistakes is providing incorrect information in your ITR. Ensure that all the details, such as your name, address, PAN (Permanent Account Number), and bank account details are accurate and up-to-date. Double-check your income figures, deductions, and other financial details before submitting the return.

Choosing the Wrong ITR Form: Different ITR forms cater to different types of taxpayers and income sources. Selecting the wrong ITR form can result in errors and discrepancies in your filing. Make sure to choose the appropriate form that matches your income and category.

Incorrectly Claiming Deductions: While claiming deductions is a legitimate way to reduce your tax liability, it's crucial to follow the tax laws and provide valid supporting documents. Avoid claiming excessive deductions or those that you are not eligible for, as this can trigger a tax notice and scrutiny from the tax department.

Late or Non-Filing of ITR: Timely filing of ITR is essential to avoid penalties and interest. Many taxpayers miss the deadline or fail to file their returns altogether, which can attract penalties and also limit their ability to carry forward losses.

Taxation of US stock investing:
Capital Gains Tax: When you sell a stock at a higher price than what you paid for it, you realize a capital gain. Capital gains are categorized as either short-term or long-term, depending on the holding period of the investment.

Short-term capital gains: If you hold a stock for one year or less before selling it, any profits are considered short-term capital gains. Short-term capital gains are generally taxed at your ordinary income tax rates, which are typically higher than long-term rates.

Long-term capital gains: If you hold a stock for more than one year before selling it, any profits are considered long-term capital gains. Long-term capital gains are usually taxed at preferential rates, which are generally lower than ordinary income tax rates.

Cryptocurrency investing taxation in some common scenarios:
Cryptocurrency as Property:
In many countries, including the United States, cryptocurrencies are treated as property for tax purposes. This means that buying, selling, or exchanging cryptocurrencies can trigger capital gains or losses, similar to stocks or real estate.

Capital Gains Tax:
When you sell or exchange cryptocurrency at a higher price than what you paid for it, you realize a capital gain. The capital gain is calculated as the difference between the sale price and the cost basis (usually the purchase price).
Short-term capital gains are typically taxed at your ordinary income tax rates, while long-term capital gains may have preferential tax rates, depending on your country's tax laws and the holding period.

Tax Reporting:
Cryptocurrency investors are generally required to report their transactions and gains/losses on their annual income tax returns. Various forms, such as Form 8949 in the US, are used to report cryptocurrency transactions.

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Disclaimer:-
This is not investment advice or recommendation. We are not SEBI registered Advisor. Please do your own studies or contact SEBI registered advisor before doing any investment.


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