 "Income Tax Bill, Income Tax")
The tax filing season is underway. This is an exercise that should be undertaken with meticulous care. Mistakes in filing the income tax return (ITR) can have serious consequences for taxpayers, such as scrutiny notices, additional tax liability, and delayed refunds.
Missing documents
At the preparatory stage, taxpayers often fail to collect essential documents such as bank interest certificates, mutual fund and brokerage statements, rent receipts, and proofs for life insurance premiums paid and deposits made in the PPF account.
“For declaring their overseas holdings, taxpayers often miss details about their foreign assets to be filed under Schedule FA of the return
