Income Tax Return Filing:Â If you are going to file income tax return then avoid making some common mistakes. Let’s know about this.
Income Tax Return Filing: The deadline for filing ITR without penalty for the financial year 2023-24 and assessment year 2024-25 is ending on July 31. In such a situation, if you are filing income tax return, then avoid making some common mistakes. Let’s know about this.
File ITR by July 31, otherwise you may have to pay a penalty ranging from Rs 1,000 to Rs 3,000 later.
Entering incorrect personal details like PAN number, bank details etc. may lead to rejection of your return or delay in refund.
Keep in mind that there are different ITR forms for different taxpayers. If you fill the wrong ITR form, you may have to file the return again. For example, ITR-1 is for salaried class people. Whereas ITR 4 is for professionals and small businessmen.
Hiding information about different sources of income like interest from savings account, FD and rent etc. is a very common mistake. Avoid making such mistakes.
Do not make the mistake of ignoring Form 26AS. This will help you calculate TDS correctly and reduce the chances of making mistakes in future.
Not verifying the ITR is a very common mistake. The process of income tax return is not considered complete without e-verification. It is necessary to complete e-verification after filing the return.
