Avoid These Common Mistakes While Filing Your Income Tax Return

The Income Tax Department’s deadline for filing income tax returns is July 31st. The department announced that the 1 crore mark was achieved 12 days early this year, breaking the previous year’s record. According to a tweet from the agency, taxpayers are asked not to wait until the last minute and to file their forms as soon as possible to guarantee a smooth procedure.

Also Read: 10 Essential Documents Required for Income Tax Return Filing in Financial Year 2022-23

Mistakes You Should Avoid When Filing Your Income Tax Return

Falsifying Personal Information

Check the correctness and consistency of the personal information included in your income tax return across all documents.

Choosing The Incorrect Assessment Year

When completing your tax return you can select the assessment year that corresponds to the next fiscal year. Select Assessment Year 2023-24, for example, for the current tax filing.

Failure To Declare Income From All Sources

Disclose all sources of income, even if you are salaried, to guarantee complete reporting.

Information About Work Changes

If you changed jobs during the fiscal year, report income from both your current and prior employers in your ITR.

Failure To Report Capital Gains And Losses

Failure to include precise information about capital gains and losses in your ITR can result in substantial penalties, so be sure they are included.

Forgetting To Verify ITR

Always verify your ITR within the provided timeframe (currently 30 days) to avoid costly consequences. Failure to verify can also result in getting a notice from the Income Tax Department.

Missing The Deadline

Failure to file your ITR on time might result in fines of up to Rs. 5000. Make sure you fulfill the July 31st deadline.

Failure To Submit ITR

Failure to file your ITR on time can have substantial implications and fines.

Selecting The Incorrect ITR Form

To prevent problems and assure proper filing, carefully pick the right ITR form.

Bank Account Verification

Verify your bank account information before completing your income tax return to avoid delays or problems obtaining your refund.

Also Read: 5 Cash Transactions That Can Invite Income Tax Notices

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Stuti Talwar

Expressing my thoughts through my words. While curating any post, blog, or article I'm committed to various details like spelling, grammar, and sentence formation. I always conduct deep research and am adaptable to all niches. Open-minded, ambitious, and have an understanding of various content pillars. Grasp and learn things quickly.

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