Income Tax Return: Filing your income tax return (ITR) is an essential part of every Indian taxpayer’s financial responsibility. But in the rush to meet deadlines, many people end up making costly mistakes that lead to penalties, delayed refunds, or even legal trouble.
Here are some of the most common income tax return mistakes you should avoid this year:
1. Using the Wrong ITR Form
Choosing the incorrect form is one of the most common issues. Each form corresponds to different sources of income. For example, ITR-1 is meant for salaried individuals, while ITR-3 is for professionals and business owners. Filing the wrong form may result in your return being marked as defective.
Tip: Use the pre-filled options on the income tax portal to guide you.
2. Forgetting to Report All Income
People often skip income from savings account interest, fixed deposits, freelance work, or rent. But the tax department tracks all sources through your PAN.
Tip: Cross-check Form 26AS or the AIS (Annual Information Statement) for reported income before filing.
3. Not Verifying Your Return
Filing your ITR is not the final step. Unless you verify it (online via Aadhaar OTP, net banking, etc.), your return is considered invalid.
Tip: E-verify your return immediately after submission to avoid issues.
4. Incorrect Bank Details
If your bank account number or IFSC code is incorrect, your tax refund may be delayed or never reach you.
Tip: Double-check your account details and ensure your account is linked with PAN and Aadhaar.
5. Missing Deductions and Exemptions
Many taxpayers forget to claim deductions under sections like 80C (investments), 80D (health insurance), or HRA exemptions.
Tip: Maintain records and consult a tax expert to maximize your deductions legally.
6. Filing Without Checking TDS Details
Sometimes, employers or clients may not have deposited your TDS, or there could be mismatches. Not checking this can lead to notices from the IT department.
Tip: Review your Form 26AS or AIS carefully before filing.
7. Delaying Till the Last Minute
When you file at the last moment, you’re more likely to make errors due to rush or technical issues on the website.
Tip: File your return well before the deadline to stay relaxed and accurate.
Conclusion:
Filing your income tax return accurately is not just about following the law—it’s also about ensuring your hard-earned money isn’t lost to penalties or missed deductions. Stay alert, be honest, and avoid these common mistakes to enjoy a stress-free tax season.
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