Tax Return

July 8, 2024

Five common mistakes you should avoid while filing ITR!

ITR
Tax

Not reporting all sources of income

One must disclose all their income sources, whether exempt from taxes or not. Neglecting to mention all sources of income can lead to penalties. 

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tax

Incorrect personal information

It is crucial to cautiously fill in your PAN, Aadhaar, address, email and contact details. Cross-checking the details with original documents always helps.

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ITR

Ignoring Form 26AS

Form 26AS shows the tax deducted at source by your employer. It is important to verify the details in Form 26AS with one’s tax returns to avoid discrepancies.

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Choosing the wrong ITR form

The IT department has issued 7 ITR forms. It is crucial to choose the correct form according to the source of your income to avoid rejections.

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Missing the deadline

The deadline for filing ITR is for any assessment year is July 31. Filing after this date attracts penalties and may lead to closer scrutiny by the IT department.

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