ITR Filing 5 Mistakes: Important news! Don’t make 5 mistakes while filing ITR, avoid both notice and tax, know details

Filing a tax return is undoubtedly a daunting task. That’s why many people make mistakes in this and they have to bear the consequences in the form of notices.

In an article in Mint, five such mistakes have been told, by not doing which you will not only avoid notice but will be able to get more tax exemption. Let us tell you that the last date for filing ITR for the financial year 2021-22 is 31 July.

1. Not taking credit of tax deduction- Sometimes we get less refund than expected. Sometimes we get demand notices instead of refund due. The common reason for this is not getting due credit for TDS deduction. TaxBuddy. Sujit Bangar of com says that if you show professional receipts clubbed with your salary, you will not get credit notice.
2. Speculative Income Vs Regular Income- If you make a loss from speculative transaction and profit from regular trading, then you cannot cancel out this loss and profit. By doing this you will get a notice.
3. Bank Validation- The third most common reason for delay in ITR refund is delay in bank account validation. Make sure that your PAN and Aadhaar are linked with your bank account to make it easier to get refunds faster.
4. Tax cannot be saved beyond Form 16 – Salaried individuals feel that tax cannot be saved from anywhere other than Form 16. This is wrong. You do many such things in everyday life on which you can claim tax exemption. For example, a tax exemption of up to Rs 5,000 can be taken on the tuition fee of a child or RTPCR test.
5. Wrong ITR Form Selection- Wrong selection of ITR form also creates trouble for you. For example, if you have more than 1 property then you cannot file ITR-1 form. So always choose the right ITIR form.