ITR filing common mistakes – The last date for filing income tax return is 31 July. You should file the return before this. While filling ITR, many people make some common mistakes and later have to face notices.
ITR filing mistakes: The date for filing income tax return is coming closer. It is better to get this important work done in time than filing the return at the last moment. If you file your return early, you will also get your tax refund sooner. Experts say that ITR should be filled with a cool head. Haste or carelessness in this work can be heavy. There are some such mistakes, which are more common while filling ITR from the income tax payer. These mistakes should be known in advance so that you do not commit any mistake even by mistake.
One mistake that is seen a lot is the selection of the wrong ITR form. The Income Tax Department has prescribed several ITR forms. They have to be selected on the basis of means of income. But, many people choose the wrong form. The Income Tax Department rejects this and asks the taxpayer to file a revised return under section 139(5) of the Income Tax Act.
Misrepresentation of income
This mistake is also very common. Some people do not disclose all their sources of income by mistake, while some deliberately hide them. If you do not do this, the Income Tax Department can send you a notice. Information like savings account interest and house rent income must be given at the time of ITI return.
Not filling details of all bank accounts
Nowadays everyone has more than one bank account. It often happens that the income tax payer gives information about those accounts which he uses more. However, does not provide bank account information to be used occasionally. As per income tax laws, it is mandatory to give details of all bank accounts in ITR. You can also get a notice for not doing so.
Failure to verify tax return
It is very important to verify the income tax return. If this is not done, ITR is not considered filled. But, many taxpayers do not verify ITR due to ignorance of this rule or by mistake. This makes her invalid. You can e-verify ITR online on the e-filing portal of Income Tax.
Income mismatch with Form 26AS
Form 26AS or Tax Credit Statement gives all the information about the payment of TDS deducted on the income of the income tax payer. Before filing income tax return, it is necessary to match Form 26AS and Form 16/16A. But, many people do not do this important work. This happens that the income tax payer does not come to know about any mistake in tax calculation and he has to face difficulties later.
Filling in incorrect personal information
The mistake that taxpayers often make while filling the ITR form is to give wrong personal information. Such as wrong spelling of name, not giving full address, or wrongly writing email or mobile number. Giving wrong information makes it difficult for you to get refund. Along with this, the way of getting any information related to the return from the Income Tax Department also stops.
Filing ITR at the very end
Most of the people fill ITR only when the last date of Income Tax Return is near. There is a high possibility of mistake in filling ITR in haste. Due to less time, if there is any kind of mistake, there is no time to rectify it. So do not wait for the last date and file the return in advance.
Don’t give gift details
According to income tax rules, if you have received a gift of more than Rs 50,000 in a year, then you will have to pay tax on it. This has to be mentioned in ITR Filing. There is also a provision for revised return filing if not given or forgotten. But, there is a possibility of getting a notice if missed.
