Income Tax Return: Documents needed & common errors to avoid while filing ITR

ITR 2024 filing: As the July 31, 2024 Income Tax Return (ITR) filing deadline is approaching, salaried employees should be ready with the right preparation and keep essential documents ready.

While filing ITR 2024 is usually effortless, even minor mistakes can result in notices from the Income Tax Department. In some cases, it can even lead to potential fines. Here is a list of common mistakes that should be avoided and documents needed during ITR filing.

ITR 2024: Common errors to avoid

• Wrong personal information: Taxpayers should ensure that their personal details such as name, address, permanent account number (PAN), Aadhaar are correctly filled.

• Not checking Form 26AS: Form 26As gives a consolidated annual tax statement of each tax-related information linked to the taxpayer's PAN. It is necessary to cross-verify the details with the employer's Form 16, as inaccuracies can lead to a lower refund or a higher tax deduction.

• Filing the wrong ITR form: It is important to choose the correct ITR based on your income sources and category.

• Not declaring exempted income: Taxpayers should also mention their exempted income while filing ITR. For example, if they have sold a property and reinvested the money to buy a new house, they should declare it in the ITR to avoid penalties.

• Incomplete bank details: It is necessary to give right bank details as incorrect information can lead to delay in refund processing.

• Forgetting to e-verify: Remember to e-verify your ITR within a month of filing. Tax authorities cannot process the ITR without verification.

ITR 2024 filing: Documents checklist

• Salary records: Form 16, salary slips and bank statements
• Business revenue: Invoices, profit and loss statements and receipts
• Investment details: Dividends, capital gains, fixed deposits etc
• Property Documents: Loan statements and interest certificates, among other things
• Other documents: PAN card, Aadhaar card, rent receipts, etc