The month of December is about to end. Income tax return (ITR) is the last date to fill till 31 December. There are several types of precautions to be taken while filing returns. Due to a slight lapse, many applications are rejected. There is a big disadvantage of not filing income tax returns properly. This is especially important for taxpayers who fill returns for the first time. If there is a mistake, then only penalty (Penalty) can be incurred. Rather, an income tax notice can also come. Therefore, it is important to understand what kind of mistakes happen while filing income tax returns and how to avoid them.
1. Filling the form with incorrect personal information
To file online return, you first have to register on the official website of Income Tax Department (Income Tax). In order to not make a mistake while doing e-filing (ITR e-Filing), fill your personal information like your name, address, date of birth, email id, mobile number properly in certain columns. The registration process is a bit complicated. Problems may occur in future in case of any misinformation.
2. Bank details in ITR
Even if you are not claiming refund, you must provide the correct information of your bank account. While e-filing, please check your bank name, account number, IFSC and MICR code again.
3. Not filing details of all bank accounts
Many people do not give information about all their bank accounts, from which they have made transactions in that financial year. It is illegal to do so, as the Income Tax Department has clearly stated in its Act that it is necessary to give information of all the bank accounts registered in its name to the taxpayers.
4. Difference in TDS data while e-filing
If you do not pay attention to the details then your return form can be canceled. Keep in mind that the TDS data given on your income in your 26AS form, you have filled in ITR form.
5. Avoid giving incorrect information (Mistakes in ITR)
The biggest reason for filing an incorrect return is when you do not give accurate information about your income. If you have income from sources other than salary such as rent, commission, donation, short term capital gains of your house, then ITR must be given. There are chances of many types of mistakes during the return filing, in such a situation it would be better to take the advice of the tax expert. ITR: Be sure to claim additional TDS in filing the return
6. Hiding Income to get exemption (Income source)
Earlier, in a single column given in the ITR form, you had to give the details of the tax rebate income. But, now there are many columns in the new form where the details of the exemption available on dividend, long term capital gains have to be given specifically. In such a situation, do not make any mistake of hiding income.
7. Submission of wrong form for filling returns (ITR Forms)
This year, the Income Tax Department has made several changes in the ITR form. ITR forms are also different, in which your form has to be selected. There is a separate form for businessmen. As a taxpayer, you have to do e-filing keeping in mind the changes in the form. Your form will not be accepted in case of Gatli and the Income Tax Department will also send a notice to you.
8. Income tax calculation
To correctly calculate your income, you will have to fill all the columns in the form carefully during e-filing. If the result given in the computer does not match your given data, then you must double check the details given.
9. Waiting for the last date (ITR last filing date)
Most people will wait till December 31 to file Income Tax Return (ITR). In the last moment, there is more scope for mistakes in haste. Not only this, if there is any kind of mistake, you do not have time to rectify it. The government has made the online filing process of filing returns easy, so if you want to avoid any mistake, do not wait for the last date and file the returns in advance.
10. Delay in online-verification of returns
After filing the return, its e-verification is very important. The process of return is incomplete till your return is verified. Taxpayers have two methods to verify returns. After filling your first income tax return, you should send the verification receipt to the Centralized Processing Center (CPC), Bangalore within 120 days. Apart from this, there is also an easy way to verify your returns online, which you can do with net banking, demat account, Aadhaar number and bank account details.
