Errors in ITR filing can be rectified by filing a revised return but it takes extra time and effort. At the same time, some mistakes should not be made even after filing ITR, otherwise the notice of the Income Tax Department may also come. Let’s know about these mistakes…
ITR Filing: The last date for filing ITR for FY 2022-23 (Assessment Year 2023-24) is July 31, 2023. As the last date to file ITR is nearing, it becomes all the more important that you take extra care while filing ITR. Tax experts believe that to avoid mistakes, you should file your return before time, otherwise it can prove to be costly later.
Income Tax
However, errors in ITR filing can be rectified by filing a revised return but it takes extra time and effort. At the same time, some mistakes should not be made even after filing ITR, otherwise the notice of the Income Tax Department may also come. Let’s know about these mistakes…
Time limit
If income tax return is not filed before the last date, then taxpayers can be fined. This includes a fine of up to Rs 10,000, plus an additional 1 per cent tax on unpaid tax.
give false information
While filing ITR is mandatory, it is even more important to provide correct personal details in the form. The details that require special attention are PAN details, e-mail ID, date of birth and IFSC code etc.
Using wrong ITR form
Many taxpayers make the big mistake of using the wrong ITR form, which results in rejection of the filing by the tax department. Therefore, you should carefully choose the right ITR form while filing your ITR.
Form 26AS not checked
Form 26AS contains important information about your income, advance tax paid, TDS, self-assessment tax paid, tax credits etc., which makes it an important document. Sometimes there can be a difference between the information in Form 26AS and Form 16 of the employer. Hence, cross-check the details of Form 26AS with the details of Form 16 before filing ITR.
Selecting wrong assessment year
Taxpayers get confused between ‘Assessment Year’ and ‘Financial Year’ while filing returns. Financial year is the year during which the income is earned. So for current filing you have to choose assessment year 2023-24.
Not all savings accounts mentioned
It is mandatory to disclose details of all your bank accounts in ITR including foreign bank accounts, if any. Also, you will have to disclose the details of the bank account closed during the financial year.
Income from all sources not mentioned
Income in the form of rent from residential or commercial property, interest from FDs, capital gains and similar income along with additional income from other sources is required to mention your salary or occupation. Sometimes taxpayers do not disclose all the sources of their income and provide only their salary or income from primary business.
