Attention Taxpayers! Common Mistakes to Avoid While Filing Income Tax Return

The Income Tax Department has issued three forms, ITR-1, ITR-2, and ITR-3, along with other forms for online ITR filing. The last date to file ITR for the financial year 2022-23 is July 31, 2023. Salaried individuals should start the process of filing ITR as soon as they receive Form 16 to avoid making mistakes. Here are some common mistakes to avoid while filing ITR:

Choosing the wrong form: Taxpayers should select the right form based on their source of income, total taxable income, and assets. Using the wrong form can lead to a defective ITR, and taxpayers may receive a notice to file a revised return. Failure to file the revised return on time can result in an invalid return.

Not checking Form 26AS and AIS: Taxpayers must check Form 26AS and AIS before filing their returns. Both can be obtained from the e-filing portal of the Income Tax Department.

Delaying return filing: There is no benefit in delaying return filing. In order to have more time, many taxpayers miss the last date. Failure to file the return on time can result in a fine ranging from Rs 1,000 to Rs 5,000.

Not disclosing bank interest: Even if the income is only from salary, it is necessary to provide information about the interest received from the bank account in the return.

Not verifying the return: Taxpayers must verify the return within 30 days of filing it. It can be verified through Aadhaar, pre-validated bank account, demat account, etc., with the help of the e-filing portal of the Income Tax Department.

In conclusion, taxpayers should avoid making these common mistakes while filing their income tax returns. Financial planning is difficult without tax planning, so it is essential to file ITR on time and accurately to avoid any hassles in the future.

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