Errors in ITR filing can lead to additional fines and scrutiny from the Income Tax Department. While filing a revised return can rectify some mistakes, certain errors should be avoided altogether. Here are some common mistakes to avoid while filing ITR:
Time limit: Taxpayers who fail to file their ITR before the last date can face fines of up to Rs 10,000, plus an additional 1% tax on unpaid tax.
Providing false information: While filing ITR is mandatory, it is crucial to provide accurate personal details, such as PAN details, email ID, date of birth, and IFSC code.
Using the wrong ITR form: Using the wrong ITR form can result in rejection by the tax department. Taxpayers should carefully choose the correct ITR form while filing their ITR.
Not checking Form 26AS: Form 26AS contains crucial information about income, advance tax paid, TDS, self-assessment tax paid, and tax credits. Cross-checking the details of Form 26AS with Form 16 before filing ITR is crucial.
Selecting the wrong assessment year: Taxpayers often confuse “Assessment Year” with “Financial Year” while filing returns. The current filing requires choosing the assessment year 2023-24.
Not disclosing all savings accounts: It is mandatory to disclose details of all bank accounts, including foreign bank accounts, in ITR. Details of bank accounts closed during the financial year must also be disclosed.
Not mentioning income from all sources: Details of all sources of income, including rent from residential or commercial property, interest from FDs, capital gains, and similar sources, must be disclosed.
Tax experts recommend filing ITR before the due date and checking for mistakes to avoid fines and scrutiny from the Income Tax Department. While filing a revised return can rectify some mistakes, it takes extra time and effort. Therefore, taxpayers should take extra care while filing their ITR to avoid making costly mistakes.
Follow DelhiBreakings on Google News
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com
Something went wrong. Please refresh the page and/or try again.