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Are You Evading Tax? Here Are 10 Common Reasons

June 24, 2016 by Sudhir Kaushik

Income Tax laws have created many innocent criminals. Your neighbour next door may be a proud tax payer: he prepares his ITR well in advance, makes sure all his sources of income are clearly mentioned and submits it to the Income Tax department without delay. And in a few months you see him frustrated because he received intimation for not reporting his full income.
Your neighbour is honest about his taxes. What went wrong?
A survey conducted on salaried employees who filed their returns from TaxSpanner concluded that 96% employees forgot to document any income earned from other sources, say, interest accrued from a savings account. Here are the 10 common reasons where you must cross-check before handing over your income tax return (as published in ET Wealth on Feb 13, 2012):

  • Ignoring income from investment in the name of spouse, kids.
  • Ending life insurance policy before 3 years.
  • Not including interest income in your tax return.
  • Selling a house bought on loan within five years.
  • Not including ornaments in wealth tax.
  • Receiving gifts and cash from persons other than blood relatives.
  • Not paying wealth tax on second house.
  • Both spouses claiming tax benefit on same expenses.
  • Withdrawing PF within five years of joining a company.
  • Taking benefit of basic exemption limit twice in a year.

Filed Under: Tax Refunds

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