ITR Filing Tips: Here Are The Details That Taxpayers Need To Provide

ITR Filing Tips: Certain information must be provided by the taxpayers while filing ITR. Know about the details that are required to be submitted,:

income-tax

ITR Filing Tips: Special precautions must be taken while filing ITR. Any goof-up by you can result in you receiving a notice from the income tax department.

Certain information must be provided by the taxpayers while filing ITR. Know about the details that are required to be submitted:

Bank Accounts

• Be sure to provide information about all bank accounts.
• Also, provide information about accounts where you have joint holding.
• Provide bank name, account number, and IFSC code
• If there are many bank accounts, be sure to mention the account where you want the refund to be deposited.
• If the bank account has not been active for the last three years, it is not necessary to provide information about it.

Unlisted Equity Shares

• If you have shares of a company that is not yet listed in the market, you will have to report such shares. You will have to provide the name, PAN, purchase and sale of total shares throughout the year of the company in which you have holdings.
• Make sure that if you have purchased shares of a foreign unlisted company and also disclosed it under the Foreign Assets Schedule, even then this information has to be given separately as unlisted equity shares.

Assets-Liabilities

• If the taxable income in a financial year is more than Rs. 50 lakhs, then information about land, buildings, movable property, bank accounts, shares and bonds etc. has to be disclosed.
• Any liabilities on these assets are also to be disclosed.
• This is to be disclosed under Schedule Assets and Liabilities.

Foreign Assets

• If you have a stake in any foreign property even for a single day as ownership or beneficiary, it has to be reported.
• Assets abroad, holdings 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.
• Director Identification Number (DIN), name, type, and PAN of the company will have to be provided.
• It must also be mentioned whether the company's shares are listed on a recognized stock exchange.