The date for filing an income tax return is fast approaching. Instead of filing the return at the last moment, it is better to get this important work done in time. 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 taxpayer. 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 based on 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 accounts interest and house rent income must be given at the time of ITI return.
Not filling in details of all bank accounts
Nowadays everyone has more than one bank account. It often happens that the income taxpayer 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 from the income of the income taxpayer. Before filing an 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 because the income taxpayer 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 out the ITR form is to give wrong personal information. Such as the wrong spelling of the name, not giving the full address, or wrongly writing an email or mobile number. Giving wrong information makes it difficult for you to get a 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 people fill out ITR only when the last date of their Income Tax Return is near. There is a high possibility of a 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.
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