ITR Filling Mistakes To Avoid

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ITR Filling Mistakes To Avoid
The due date for filing of tax returns for individual/HUF and assesses whose accounts are not required to be audited is 31st July of the assessment year.
Upto what limits return filling is not required
Upto 60 years of age- Rs 2,50,000
60-80 years- Rs 3,00,000
Above 80 years Rs 5,00,000
Selecting the Incorrect Form
Failure to do so can result in your return not getting processed by the income tax department.
Quoting the Wrong Assessment Year
Mentioning the wrong AY increases the chances of double taxation and attracts unnecessary penalties.
Furnishing Incorrect Personal Information
The details should tally with those given in your PAN. For refund, make sure your bank particulars to which you intend your refund to be credited.
No need to file returns if tax has been deducted
It is mandatory to file an income tax return when your annual income exceeds Rs.2.5 lakh. You should disclose the income on which tax has been deducted and claim credit for TDS in the income tax return.
If tax is deducted on interest income, it need not be reported in ITR
Banks and financial institutions provide interest on such account balances. Banks deduct tax or do a TDS on the interest credited on fixed deposits. There is no TDS on interest earned on savings account. Taxpayers can also claim a credit for TDS while filing their income tax returns.
Not Disclosing All the Sources of Income
Taxpayers have to disclose income from all the sources including savings account interest, fixed deposit interest, rental income from house property, income from short-term capital gains and any other source.
Failure to Reconcile TDS With Form 26AS, AIS, TIS
It is important to check Form 26AS, AIS, TIS before filing the ITR. Form 26AS includes all the income details, Tax Deducted at Source (TDS), advance tax paid by you, self-assessment tax, etc.
Form 16 from two or more employers
In that case salary from both the employers be shown in calculation of Tax
HRA not given by employer
If an individual doesn’t submit the rent receipts with the company HR, he or she won’t be able to get house rent allowance. Often, taxpayers are not aware that they need to have their landlord’s PAN to avail the HRA benefit.
Calculating the deductions that can be claimed
But how much can be claimed from what source is a tricky thing to figure out. Often, taxpayers are also not aware of some expenses that are eligible deductions.
Not Paying Advance Tax/ Self-Assessment Tax
31st March of every year is the last date of a financial year. It is always advisable to pay your taxes within due dates to avoid paying interests and penalties.
Donations are 100% exempt
Some are eligible only for an exemption of up to 100%, others are eligible for 50% deduction.
Interest on NSC is tax-free
If you think that the interest earned on National Savings Certificate (NSC) is tax-free, you are wrong. The interest is fully taxable.
Failure to Dispatch ITR V On Time
After you successfully e-file your income tax return, please e-verify your ITR-V via Netbanking, Aadhaar Card or through the EVC process on your mobile number and email. It is important to verify your return
Missing ITR deadlines
ITR filling should be done timely as delay invites tax, penality. Also losses cannot be carried forward.
Income earned by minor
Minor income be clubbed with that of parents
Omit to file revise ITR
If there are some mistakes in ITR, they same should be rectified by filling revised return.
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What are Common Mistakes while Filling iTR?

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