ITR Filing 2024: The Income Tax Department is constantly sending reminders to taxpayers to file returns. More than 4 crore returns have been filed so far. Experts say that just filing a return is not enough. It is important to file it correctly or else the return may be rejected.
If the Income Tax Return (ITR) is not filed correctly, there is a possibility of it being rejected. That is why tax experts advise to be careful while filling the ITR form. They also say that taxpayers should not file returns in a hurry. If for any reason taxpayers are facing difficulty in filing returns, then they should use the consultancy services of a CA or tax expert. The reason for this is that taxpayers have to face problems after the income tax return is rejected. Let us know what mistakes taxpayers should generally avoid.
1. Wrong information in the form
Taxpayers should not give any wrong information in the income tax form. One should not claim any deduction for which he is not entitled. Before submitting the form, all the information should be checked once or twice. Many times, due to calculation mistakes, wrong information is entered in the form, due to which the form gets rejected. Taxpayers also need to pay attention to the use of the correct form for filing returns.
2. Difference between Form 16 and AIS data
The Income Tax Department has many ways to keep an eye on every financial of taxpayers. Annual Information Statement (AIS) is the most important among them. Similarly, the most important document for salaried taxpayers is Form-16. Before filing income tax return, it is important to understand the information given in Form 16 and AIS properly. This will reduce the chances of wrong information entering the ITR. Taxpayers recommend matching the data of Form 16 and AIS.
3. Not submitting the form by the deadline
It is necessary to submit the ITR form before the last date of filing ITR. Usually, taxpayers fill the ITR form in advance but they do not submit it. If the form is not submitted on time due to some reason, their return may get rejected. After the form is rejected, the return will have to be filed again with a penalty.
4. Mistake in tax calculation
There is a possibility of ITR getting rejected even if there is a mistake in the calculation of tax liability. Therefore, before filing the return, taxpayers should calculate their tax liability properly. They should calculate the deduction, exemption and tax rate properly. If any kind of problem is being faced, then advice of a tax expert can be taken.
5. Not verifying the form
After submitting the income tax return, it is necessary to verify it. There are many ways to verify it. It can be verified through OTP from Aadhaar. It can be verified using netbanking. ITR-V form can be signed and sent to the Central Processing Center in Bangalore. If you file ITR and forget to verify it, then your return will be considered invalid. There is a deadline to verify ITR.
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