Income Tax Return Filing: A common mistake is not to file your Income Tax Return (ITR) by the due date, which is 31st July of the assessment year for individuals, unless the date is extended by the government. The date is final.
ITR Filing: The last date for filing income tax return is getting closer. Income tax return can be filed individually till 31 July 2023. At the same time, while filing income tax return, it is necessary to take care of many important things.
If filing ITR, then it is necessary to know about some mistakes so that they can be rectified. The Income Tax Department said that till June 26, 2020, more than one crore Income Tax Returns (ITR) were filed.
income tax return
The last date for filing ITR is 31 July. The Income Tax Department said in a tweet that compared to last year, this year the figure of 1 crore was reached 12 days earlier. Taxpayers should not wait till the last moment and should file their returns at the earliest.
However there are some common mistakes that people make while filing their returns. Here we have listed some mistakes to avoid while filing income tax return. Let’s know about them…
Deadline for filing returns
A common mistake is not to file your Income Tax Return (ITR) by the due date, which is 31st July of the assessment year for individuals, unless the date is extended by the government This date is the last. However, if you fail to file your ITR by the due date, you may also have to pay a penalty.
Not filing ITR
Not filing your ITR at all can have more serious consequences. Penalty can be imposed for not filing ITR. Legal action can also be taken.
Wrong ITR Form
One of the most common mistakes while filing ITR is using the wrong ITR form. There are different ITR forms. In such a situation, you should file the return through the correct ITR form.
Failure to pre-verify your bank account
It is important to pre-verify the bank account while filing income tax returns, especially if the tax payer is expecting a tax refund for any excess tax paid. If this is not done, the Income Tax Department will not be able to credit your outstanding income tax refund.
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