Only a few days are left for December 31, the last date to file ITR. Here we have explained the common mistakes made while filing tax returns.
Income Tax Return Filling: Only a few days are left for December 31, the last date for filing ITR for individual taxpayers. Many times we delay in filing tax returns and then make hasty mistakes as the due date approaches. Returns can be filed either manually or can be filed online. We have explained here some of the common mistakes that taxpayers make while filing their tax returns. With its help, you can avoid these mistakes.
interest income
Many taxpayers do not report their interest income while filing ITR. While filing income tax return, taxpayers should report the interest income generated from savings accounts and fixed deposits. Once taxpayers report interest income, they become eligible to claim deduction.
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Bank details mistake
Apart from this, most of the taxpayers also make mistakes like not matching Form 26AS statement, providing wrong bank details etc. Filing of tax return is a complicated process. People should be more careful to avoid making mistakes during this time.
wrong form selection
Choosing the right ITR form is very important for filing returns. If you make a mistake in this then your return is not carried forward by the Income Tax Department. The ITR form is selected on the basis of the nature of income or category of taxpayer. If the taxpayer has filed a wrong return form, he may get a defect notice from the department, which has to be rectified within the stipulated time frame.
Do not write wrong assessment year
It is necessary to fill the correct assessment year in the income tax return form. If you fill the wrong assessment year then double tax can be levied. There may also be a penalty as well. So it is important to fill the correct assessment year.
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Be careful in filling personal information
Name, address, mail id, phone number, PAN and date of birth etc. must be correctly filled in the income tax return. You have to make sure that the same information as mentioned in the PAN has to be filled in the ITR form. Bank information should also be correct. Also write the account number, IFSC code, etc. correctly so that there is no delay in getting the refund.
It is necessary to file return on income above 2.5 lakhs
Your employer and bank levy TDS on salary and interest rate. It is necessary to file income tax return on annual income above Rs 2.5 lakh. You have to tell which tax was deducted. You have to claim TDS credit in income tax return.
Mention all sources of income
If you have any other source of income from your primary income, you must disclose it. Taxpayers are required to disclose savings account interest, fixed deposit interest, rental income from house property, all short term capital gains and income from other sources. Whether it is taxable or exempt, it is necessary to mention all the sources of income.
(Input: cleartax.in)
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