As the last date for filing Income Tax Return (ITR) is approaching, the worries of taxpayers are also increasing. Many people file ITR at the last moment and in this hurry they make mistakes. 8 types of mistakes are most common while filling ITR, which is important to keep in mind.
The first and most important thing is that there should be no mistake in your personal details while filling the ITR form. Fill your name, PAN, address and bank account details in the form carefully and correctly. This mistake can also lead to your ITR being rejected.
Another mistake that taxpayers make the most is choosing the wrong ITR form. You should choose the right ITR form based on your income and investment. If there is any mistake in this, your return will be rejected. If you choose the wrong form, you may also be fined.
Many people do not give correct information about their income in ITR. If you also make such a mistake, then be careful. In the ITR form, give complete information about income from salary, interest, rent and investment. If you do not give complete details of income, then along with imposing penalty for tax evasion, ITR can also be rejected.
While filing the return, do check whether the TDS shown in the Form-16 given by your employer is the same as the TDS written in your form or not. You can also be fined for not giving correct information about TDS.
In the income tax return form, along with giving details of all other types of investments including 80C, 80D or 80G, correct information about the tax exemption available on these will also have to be given. If you do not give correct details of investment and tax exemption, then your tax liability may increase.
Do cross check the statement given in your ITR form with Form 26AS. It also includes information related to TDS, tax payment and other information related to income tax. Therefore, it is important to combine both the facts before submitting the ITR form.
Some people consider their work done by filling the ITR form. But, you have to keep in mind that just filling the ITR is not the work. After this, you will also have to verify electronically. If you do not verify, then your ITR may be rejected.
The last and most important thing is that you should file your ITR within the stipulated time. If you wait for the last moment, then the chances of mistakes in haste increase. Also, if you have to revise your ITR, then you will not have time and then you will have to do this work by paying a fine. The deadline for filing ITR is July 31, 2024.
