ITR or Income Tax Return filing is a process of informing the Government about your net income, assets, expenses, tax liabilities and more. For some individuals or entities filing an ITR becomes mandatory if they exceed the exemption limit set by the Income Tax Department. Furthermore, ITR also serves as income proof while applying for a loan or visa. So, while filing these essential documents you should avoid committing mistakes to avoid getting trapped in a correction loop. So, let’s discuss the major income tax return mistakes people make.
Here’re the Major Income Tax Return Mistakes to Avoid While Filing one:
- You should identify the right ITR form, which ranges from ITR-1 to ITR-7.
- Correct all the pre-filled information on the form online and look for any corrections related to your name, aadhaar, PAN, etc.
- “Download AIS and Form 26AS to determine the actual TDS/TCS/tax paid. If you notice a discrepancy, you should discuss it with your employer/tax deductor/bank.”
- “Gather and thoroughly examine the documents that will be referred to when filing your ITR, such as bank statements/passbooks, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment proofs, and so on.”
- Filing ITR before the due date to avoid penalties.
- e-Verification of the returns is necessary to complete the ITR filing process.
How to Check the Status of Your Filed ITR?
“The status of the Income Tax Return can be checked on the Income Tax Department of India’s official website. Your Permanent Account Number and password are required to check the status. If you want to manually verify your return, send the signed physical copy of ITR-V Acknowledgement (by speed post).”
Also read:What are the Tax Benefits of Opening an NPS Account At SBI?
Documents Required to File ITR
- PAN Card
- Form 26AS
- Form 16A, 16B, 16C
- Salary Pay slips
- Bank statements
- Interest certificates
- TDS certificate