Author: PEAK Business Consultancy Services | Category: Income Tax Filing in India
Despite the growing awareness about personal finance, income tax return (ITR) filing in India is still surrounded by several misconceptions. These myths often lead individuals to either delay filing or file inaccurately—resulting in missed refunds, compliance issues, or even penalties.
In this detailed article, we’ll bust the most common myths about ITR filing and show you why proper knowledge (and professional help) is essential for smart financial management. Need help filing your ITR? Click here to get started.
Myth 1: “I Don’t Have to File ITR if My Income Is Below ₹2.5 Lakh”
Truth: While this is true in some cases, there are exceptions. For instance, if you have foreign assets, deposited over ₹1 crore in a bank account, or spent over ₹2 lakh on foreign travel, you’re still required to file ITR—even if your income is below the taxable limit.
Bonus: Filing ITR also helps you claim refunds and establish financial proof. We can help file NIL returns fast and affordably.
Myth 2: “Salaried Employees Don’t Need to File Returns”
Truth: Just because TDS is deducted by your employer doesn’t mean you’re exempt from filing ITR. TDS is just partial tax. You still need to file to reconcile tax credits, claim refunds, and disclose other income like interest or capital gains.
Why it matters: Salaried employees who skip ITR filing often miss out on deductions and risk mismatches in Form 26AS or AIS.
Myth 3: “ITR Filing Is Only for the Rich”
Truth: Even students, freelancers, or retirees earning modest incomes benefit from ITR filing—through refund claims, loan approvals, or income proof. It also helps build a clean financial record.
We file ITRs for individuals of all income levels, including NIL returns.
Myth 4: “Filing ITR Late is Okay if You Don’t Owe Taxes”
Truth: Even if you have no tax due, filing after the deadline can cost you—through late filing fees under Section 234F, loss of interest on refunds, and denial of loss carryforward benefits.
Quick Tip: File before July 31st every year to stay fully compliant.
Myth 5: “Online Portals Are Always Accurate—No Errors Possible”
Truth: While portals provide a user-friendly interface, they cannot verify the accuracy of your inputs. Selecting the wrong form, skipping disclosures, or claiming ineligible deductions can result in a defective return.
Professional consultants like us ensure error-free filing with human oversight.
Myth 6: “I Can Skip Declaring My Interest Income”
Truth: Interest from savings accounts, fixed deposits, recurring deposits, or bonds is taxable under “Income from Other Sources.” Skipping this can cause a mismatch with Form 26AS and result in a notice.
Pro Tip: Always include all sources of income—even tax-exempt ones—in your ITR for transparency.
Myth 7: “Once Filed, I Can Forget About It”
Truth: After filing, you must verify your return within 30 days. Also, monitor your refund status and respond to any notices received. Filing is just step one—compliance continues post-submission too.
We offer end-to-end filing, e-verification, and post-filing support.
Myth 8: “ITR Is Not Needed if I Don’t Have PAN or Aadhaar”
Truth: Both PAN and Aadhaar are mandatory for filing, but you can apply for these instantly online. Not having them does not exempt you from the filing obligation if you meet the criteria.
Solution: Get your PAN and Aadhaar now—or let our team assist you along with ITR filing.
Myth 9: “Professionals Charge Too Much for Filing”
Truth: ITR filing services are now affordable and accessible, starting at rates as low as ₹499 for basic filings. What you gain in peace of mind and refund optimization outweighs the nominal cost.
Our packages are transparent, affordable, and trusted by thousands.
Myth 10: “ITR Filing Is Too Complicated—I’ll Just Ignore It”
Truth: Ignoring tax compliance can cause serious trouble—penalties, prosecution, or frozen bank accounts in rare cases. Even basic returns can be filed in under 24 hours with the right help.
Don’t worry: Our team takes care of everything—documents, calculations, and filing—so you don’t have to.
Why Busted Myths Matter
Following these myths blindly can lead to compliance issues, financial loss, and unnecessary stress. It’s always better to be informed, proactive, and accurate when it comes to income tax responsibilities.
How OurTaxPartner.com Can Help
- We file accurate, on-time ITRs for salaried individuals, freelancers, NRIs, and businesses
- We verify Form 26AS, AIS, TDS, deductions, and match with your actual income
- We ensure all mandatory disclosures are made (Schedule FA, capital gains, etc.)
- We help with e-verification, refund tracking, and notice handling
File smart. File safe. File with OurTaxPartner.com.
Conclusion
When it comes to ITR filing in India, don’t let misinformation guide your decisions. As tax laws become more digital and data-driven, compliance is more important than ever. Knowing the facts—and hiring the right professionals—can save you money, effort, and time.
Bust the myths and file your return with confidence. Let PEAK Business Consultancy Services be your trusted tax partner this year.
Need help filing your ITR? Visit www.ourtaxpartner.com/filing-service/income-tax-efiling and speak to our expert tax consultants today.
