This is a tax filing season and if you will make any mistake in filing your taxes then you can end up losing refund, paying penalty and may even face prosecution.
The government has taken very necessary and much needed steps to make this process simple that even common man or first time taxpayer can file their income tax returns easily. Yet many taxpayers commit mistakes while filing their taxes which can be avoidable if they will pay heed to the details.
This is the checklist for you so that you can avoid those common mistakes during your ITR form filing process.
Choosing wrong ITR form:
You need to choose your ITR form very carefully while filing taxes. Selecting the wrong ITR form is a very common mistakes among taxpayers which can results in rejection of your tax returns.
This year ITR forms have been modified which can confuse new taxpayers who are filing their taxes first time.
For any detailed information for income tax forms, you can visit:
http://www.trutax.in/charts/which-itr-to-file
Wrong personal details:
This is another common mistake that people provide wrong person information during ITR form filing process. Incorrect PAN details, correspondence address and bank details are some of the major mistakes people tend to commit while filing their taxes which may result into disallowing tax credit refund.
These mistakes can be avoided by just cross checking the information in the form and carefully check the email address and phone number you are providing in ITR forms.
Incorrect mention of exempted income:
There are different types of income which are exempt from tax and you can save good amount of money from tax net by notifying tax department about it in your ITR.
These exempted income such as dividend or long term capital gains or equity funds or PPF need to be mentioned in your ITR form.
If you hide such income from IT department, then this may result in to legal discrepancy by you.
Mention interests you have earned:
Under Section 80TTA, interest income from your savings account is exempt up to Rs. 10,000 and it does not cover up the fixed deposits and recurring deposits. Such interests are taxed at a normal rate like any other income sources and you need to disclose it in the ITR form.
Careful study TDS details:
Form 26AS or tax credit statement gives you all the important details of taxes you have paid.
You should check it before filing your tax return which will help you in eliminating any errors in tax calculation to file an accurate return.
It is mandatory to quotes or mention Aadhaar number or Enrolment ID in the tax returns by all eligible tax payers.
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