The last date for e-filing income tax returns notified by the income tax department is 31st July for individuals.
When you file your income tax returns try to avoid the common mistakes which can results in losing refund, paying the penalty and face prosecution. We are discussing 8 common mistakes which should be avoid by taxpayers while e-filing income tax returns.
Due to latest technical advancements, e-filing income tax returns has been quite busy and convenient. Other than that government has also taken various much needed steps to made this process simple and created awareness among taxpayers.
Here are 8 mistakes which is avoidable while e-filing income tax returns:
Filing physical income tax return where e-filing is mandatory:
If you have assessable income of more than Rs 5 lakh then it is mandatory for taxpayer to e-file income tax returns except senior citizens. You will only be eligible to claim refunds if you will e-file your income tax returns.
Incorrect ITR form:
This year income tax department has made many changes in ITR forms and you should choose your ITR form correctly to report your income, expenses otherwise your tax return will be rejected by the income tax department.
You can take the reference here for choosing the correct ITR form:
Wrong personal details.
To complete the e-filing process individuals are required to mention all the correct details like PAN, bank account number, e-mail ID, IFSC code and contact number.
Incorrect details in ITR forms while filing income tax returns will result in rejection of your ITR filing.
Under reporting your income in ITR filing:
It is very important to disclose all the information about your income while e-filing your income tax returns. You must mention all the income earned through various sources like shares, property gains, mutual funds etc. If you have two house properties then you also need to mention the rental property even if you don’t have any.
Failing to claim the deductions:
If you have made some investment under section 80C then it very essential to furnish all these details in ITR form while e-filing income tax returns.
Failing to revising your return:
In case of any error or mistakes in reporting your income or savings while filing ITR then you no need to worry about as you can still correct the return by filing a revised return.
Not checking Form 26AS:
It is very important to check Form 26AS or tax credit statement before ITR filing as it provide all the information related to taxes you have paid.
Not disclosing multiple properties:
You must mention the details of all your properties while e-filing income tax return to avoid any consequences. If you have more than one property then you can claim a refund on only one property according income tax act, 1961.
These were the list of common mistakes which every taxpayer must know and avoid to do this while e-filing ITR.