Myths related to tax returns and tax deductions

Income Tax Return filing is an easy process but few of misconceptions around it residing in the minds of the people many a times leads to incorrect filing of Income tax returns resulting in unnecessary delay in processing or rejection of Income tax returns. Individuals should not hesitate to consult an expert rather than relying on ill-myths as it may result in tax payers paying more taxes than actual liability. In this article, we have explained few of those myths that Individuals have with regard to income tax return filing and tax deductions. Myth 1 – No need to file ITR if having only salary income & full TDS is deducted ITR filing is compulsory for every person whose gross total income before allowing for any deductions exceeds the basic income tax exemption limit (i.e. Rs. 2,00,000) even though tax has been deducted and there is no other source of income. We have this article on www.moneycontrol.com, click here to read the full article. Thanks for reading for this article. Please feel free to write to us, We want to hear it all!Suggestions? Complaints? Feedback? Requests?  at [info@taxmantra.com] or call us at +91 88208208 11. We would be more than happy to assist you.