Income Tax Returns: 7 common mistakes to avoid while filing ITR
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1. Don't miss the deadline
Individuals have a deadline of July 31, 2024, for AY 2024–2025. Penalties and interest on any unpaid taxes may be incurred for late filing.
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2. Put correct personal information
Inaccuracies in personal information, such as your name, address, bank account number, or PAN, may cause issues while processing your refund.
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3. Choose correct form
Choosing the incorrect ITR form can lead to rejection of your return. There are different ITR forms for various types of taxpayers and income.
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4. Declare all source of income
It is essential to report all sources of income, including interest from savings accounts, fixed deposits, rental income, and any other income.
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5. Not keeping records
Maintain thorough records of all income, deductions, and tax payments. This documentation is crucial in case of any scrutiny or reassessment by the tax authorities.
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6. Incorrectly claiming deductions
Make sure you are aware of the deductions available under sections like 80C, 80D, 80G, etc., and claim only what you are eligible for.
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7. Not verifying your ITR
After filing the ITR, it is crucial to verify it within the stipulated time frame. An unverified return is considered invalid.