Being thorough while filing ITR can save you from hassles, & penalties and ensure that you are compliant with all tax regulations. Here are some mistakes to avoid while filing ITR
Correct Form Selection
There are different forms available for different types of income sources. Pick the correct ITR form based on your income sources.
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Accurate Personal Information
Ensure that your details like PAN, Aadhaar number, name, address and bank account details are correct.
REPORT ALL INCOME
It is essential to report all income sources, such as salary, interest from savings accounts, rental income, capital gains, and any other taxable income.
Claiming deductions & exemptions
Make sure you claim all eligible deductions under various sections like 80C, 80D, etc. Ensure you have proper documentation for all the claims.
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VERIFY FORM 26AS
Cross-check the details in your Form 26AS with your actual income and TDS deductions.
Disclose interest income
Report interest income from savings accounts, fixed deposits, recurring deposits and any other investments.
Don’t keep it for the last minute
Filing early helps in error detection and correction and reduces the risk of missing the deadline.
Professional help
Don’t be reluctant to seek help from a tax consultant or chartered accountant to ensure accurate filing.
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Disclose foreign income & assets
Disclose all foreign income & assets, including shares of foreign corporations & income from foreign companies.
Verify I-T return
After filing your return, make sure to verify it. The filing process is not complete until the ITR is verified.