What you shouldn�t hide in your IT Returns
Posted on: 01/Jul/2015 11:24:25 AM - No. of views : (1964)
Its now that time of year. Auditors will be busy filing income tax for all their clients. The first instinct is to try and show lesser income to be taxed. Here are a few things you should NOT hide in your taxes.
Full salary: Remember that your employer will also file taxes for the company. Complete TDS (Tax Deducted at Source) details are already given to the IT Dept. and, so, they have your details in advance. Also, Form 26 AS shows TDS details.
Mutual Funds: Mutual fund companies are required to furnish details such as name, address, PAN details and the such of investors who have put in Rs. 2 lakhs or more into their company. Do not try to hide these details.
Property: In its Annual Information Return, authorities that register property transactions of Rs. 30 lakhs and above are required to furnish details of personsďż˝ names, addresses and PAN details, among other details. Also, purchasers will need to fill out Form 26QB that has property TDS details.
Cash deposits: Deposits of Rs. 10 lakh or more will be declared by the banks to the Income Tax authorities, along with other details of the depositor. Maintain a clear log of transactions made in your account.
