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.
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.
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.
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.
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.