ITR Filing: Taxpayers should not make these 10 mistakes while filing ITR, otherwise they will get notice instead of refund
ITR Filing: The process of filing Income Tax Return has started. This time the government has made some changes in the ITR Form, due to which ITR filing has started late. This is the reason why the government has extended the last date for filing ITR from 31 July to 15 September (ITR Filing Last Date). If you are also filing ITR or planning to do so, then you should keep some things in mind. People often make these 10 mistakes in ITR filing, due to which they get a notice instead of getting a refund.
1- Filling wrong personal information
While filing ITR, you should carefully fill all the personal details including name, address, date of birth, email ID, mobile number. If there is any mistake in these, then ITR can also be rejected.
2- Wrong bank account details
Even if you are not claiming a refund, you must provide the correct details of your bank account. While e-filing, you must verify and fill in the correct details of your bank name, account number, IFSC and MICR code.
3- Not giving details of all bank accounts
There are many people who do not give information about all their bank accounts while filing ITR. Let us tell you that this is illegal. The Income Tax Department has clearly said that it is necessary for taxpayers to give information about all their bank accounts.
4- Error in TDS data
The TDS figures on your income given in your 26AS form must be filled in your ITR form. Often people do not pay attention to this, due to which they face problems later.
5- Declaring less income
Many people think that the best way to pay less income tax is to declare less income. In such a situation, many people do not show their full income and save money on it. For example, many times people try to hide the income earned from interest or capital gains. Let us tell you that this is tax evasion, which is illegal, so do not make such a mistake at all.
6- Filling the wrong ITR Form
This year the Income Tax Department has made many changes in the ITR form. There are different types of ITR forms, from which you have to select your form. There is a separate form for businessmen. It is important to fill the correct form while filing ITR.
7- Not reading the form properly
Many times the government makes changes in the ITR form. This year too, many changes have been made. Now if you are not aware of them, then you will definitely make some mistake while filing ITR. In such a situation, not reading the form properly or not having complete information about it is also a mistake.
8- Mistake in income calculation
To calculate your income correctly, you should fill all the columns in the form carefully during e-filing. Otherwise, your income calculation may be wrong and your tax may be less or more.
9- Waiting for the last date
Most people wait till 31 December to file Income Tax Return (ITR). Keep in mind that this can cause two types of losses. Firstly, if you make any mistake at the last moment, there will be no scope to correct it. On the other hand, if your refund is to come, it will be delayed. Every month, the Income Tax Department gives only 0.5 percent simple interest on your refund, which is even less than the FD rate. If you get the refund soon, you can invest that money somewhere.
10- Delay in e-verifying the return
After filing the return, its e-verification is very important. The return process remains incomplete until your return is verified. You should also e-verify the income tax return immediately after filing it.
The post ITR Filing: Taxpayers should not make these 10 mistakes while filing ITR, otherwise they will get notice instead of refund first appeared on informalnewz.
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