Income Tax Return: Taxpayers make many such mistakes regarding income tax return, after which the Income Tax Department sends a notice.
Income Tax Return: The last date for filing returns by the Income Tax Department is 31 July. The Income Tax Department has said in a tweet that this year the figure of 1 crore has been reached 12 days earlier than last year. It has been said by the department that taxpayers should not wait till the last moment and said in a tweet that they should file their returns as soon as possible.
Most of the people make some common mistakes while filing income tax return. Here information is being given about 10 such mistakes, which you should know. So that there is no problem in filing income tax return.
Never do these mistakes while filing ITR
Not filing ITR on time
Not filing returns within the stipulated time is a big problem. The last date is 31st July, within which if you fail to file your ITR by the due date, you will face penalty. This fee can be up to Rs.5000.
Non-filing of ITR
Not filing your ITR can land you in big trouble. Penalty can be imposed for not filing ITR.
wrong itr form
While filing income tax return, it is often seen that people choose the wrong form, due to which ITR is not filed.
Bank account verification
You should verify your bank account while filing income tax return. Otherwise the return money may get stuck. Along with this, many other problems can also arise.
Forgot to verify ITR
Most people come to know about this mistake when a notice is sent by the Income Tax. That’s why you should get your ITR verified. Otherwise it can be costly for you. At present, the time to verify ITR is 30 days.
Providing false personal information
Often people make mistakes while giving personal information in their income tax return. For this reason, whenever you give your personal information, match it in all the documents and then fill it properly.
Selection of wrong assessment year
Assessment year is the year after the financial year. In this case, when the tax return is filed, then the year following the financial year should be selected in the assessment year. Example For current tax filing you should select Assessment Year 2023-24.
Not reporting income from all sources
It is very important to disclose all sources of income while filing income tax return. Even if you are a salaried individual, you can have additional income from various sources.
job change information
On the other hand, if you have changed jobs during the financial year, then this information should be given that you should disclose the income received from both your present and previous employers in your ITR.
Negligence to disclose capital gains and losses
Many tax filers omit the details of capital gains and losses while submitting their ITR. However, this mistake can have serious consequences.
