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

Business Image credits: Freepik

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. Image credits: Getty

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. Image credits: Freepik

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. Image credits: Getty

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. Image credits: freepik

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. Image credits: freepik

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. Image credits: freepik

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. Image credits: freepik Find Next One