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Akanksha Mall
Common Mistakes While Filing Income Tax Returns (ITR) | Tripathi & Arora Associates (+91 99713 29879)
Filing your Income Tax Returns (ITR) can be a complex process, and even small errors can lead to delays, penalties, or audits. Here are some common mistakes to avoid:
common mistakes while filing itr
1. Incorrect Personal Information
- Mismatch of Names: Ensure your name matches exactly with official documents.
- Wrong PAN: Double-check your Permanent Account Number (PAN) for accuracy.
2. Choosing the Wrong ITR Form
- Form Selection: Use the appropriate ITR form for your income category (salary, business, etc.) to avoid complications.
3. Missing Income Sources
- Omitting Income: Include all sources of income, such as salary, rental income, and capital gains.
- Non-disclosure of Interest Income: Many taxpayers forget to include interest earned on savings accounts or fixed deposits.
4. Wrong Deductions and Exemptions
- Incorrect Claims: Ensure that you are claiming deductions correctly under sections like 80C, 80D, etc.
- Overlooking Exemptions: Make sure to include applicable exemptions like HRA or LTA.
5. Calculation Errors
- Mathematical Mistakes: Double-check all calculations to avoid errors in taxable income or tax payable.
- Incorrect Tax Rate: Apply the correct tax rates based on your income slab.
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6. Not Verifying TDS and TCS
- Mismatch in TDS: Verify that the Tax Deducted at Source (TDS) amounts match with Form 26AS.
- Ignoring TCS: Include Tax Collected at Source (TCS) if applicable.
7. Forgetting to Sign the ITR
- Missing Signature: Ensure you sign your physical ITR or e-verify if filing online.
8. Late Filing
- Filing After Deadline: Be mindful of the due dates to avoid penalties and interest.
9. Ignoring the E-filing Process
- Not Using the Online Portal: E-filing is often simpler and quicker; avoid paper filing unless necessary.
10. Not Keeping Records
- Lack of Documentation: Maintain records of all income, deductions, and filings for future reference or audits.
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Conclusion
Avoiding these common mistakes can make your ITR filing process smoother and help you minimize potential issues. Always consider consulting a tax professional if you’re uncertain about any aspect of your tax return.
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