Income Tax Returns: 7 common mistakes to avoid while filing ITR

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.

Inaccuracies in personal information, such as your name, address, bank account number, or PAN, may cause issues while processing your refund. 

Choosing the incorrect ITR form can lead to rejection of your return. There are different ITR forms for various types of taxpayers and income.

It is essential to report all sources of income, including interest from savings accounts, fixed deposits, rental income, and any other income.

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.

 Make sure you are aware of the deductions available under sections like 80C, 80D, 80G, etc., and claim only what you are eligible for.

After filing the ITR, it is crucial to verify it within the stipulated time frame. An unverified return is considered invalid.