Common Income Tax Return Mistakes to Avoid - Fusion - WeRIndia

Common Income Tax Return Mistakes to Avoid

Common Income Tax Return Mistakes to Avoid

Many people these days are filing for their own tax returns instead of going to a professional tax consultant.

However, it should be noted that filing tax returns must be done carefully. Without proper care, one can end up with a notice from the tax department or may end-up losing tax refunds.

Here are some common mistakes to avoid while filing tax returns this year.

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Giving incorrect personal details

When you are filing, make sure you give correct personal details. If there is any change in your phone number or contact address, make sure you edit the detail. The refund cheque will be sent to your mailing address. Make sure you gave the correct name, date of birth, PAN card details.

Giving Wrong Bank details

This is pretty obvious. The returns are done to your mentioned bank account. Always ensure that your account is active. It is recommended to activate notification from banks in case of any updates.

Making calculation errors

While errors can be made by anyone, it is your duty to ensure that no errors are done while submitting for returns. Go through form 26AS many times to avoid confusions.

Using old ITR Forms

For this year, the tax department introduced new ITR forms with few changes. Read the form carefully and fill it.

Claiming deductions under wrong heads

Do not make deductions under the wrong heads. This will cause your returns to be rejected and you might even face a tax liability.

Check for any penalty

Taxpayers should calculate tax liability and pay Advance tax or self-assessment tax before the year end (March 31). If you fail to do so, you will have to pay a penalty of 1% per month from 01 April next financial year.

Not validating ITR

Unless the return is verified and validated, the process is not complete. You can verify the tax return online with a one-time password.

Image Reference: Goodreturns

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