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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

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

6. Not Verifying TDS and TCS

7. Forgetting to Sign the ITR

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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