Business
The deadline for filing the Income Tax Return (ITR) is drawing nearer. There is a tendency to make mistakes while filling out the ITR.
Individual taxpayers should maintain accurate records of documents such as Form 16, Form 16A, bank statements, investment proofs and more. Here are 5 mistakes that you must avoid.
Many taxpayers tend to file the wrong ITR. Filing the wrong form and submitting it results in the Income Tax Department will result in rejection of your tax claims.
The tax you pay is based on your annual income. Some persons choose to withhold information about salaries, company or profession, financial gains, and property. Please, don't!
How frequently do people complain that their tax refunds are delayed? The department won't be able to credit your account with the refund if you provide incorrect information.
Many taxpayers make the error of equating financial year (FY) and assessment year (AY), frequently believing them to be the same. This can result in errors when filing their ITRs.
Forgetting to verify your ITR details is a frequent mistake made during tax filing. Many taxpayers become aware of this error only after receiving a notice from the IT department.