10 Common ITR Filing Mistakes To Avoid

Producer: Priyanka Das Editor: Manuj Yadav

Missing the Deadline: One of the most frequent mistakes is missing the ITR filing deadline. For AY 2024-25, the due date is typically July 31, 2024, for individuals.

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Incorrect Personal Information: Errors in personal details such as PAN number, name, address, or bank account information can lead to complications in processing your return.

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Selecting the Wrong ITR Form: Choosing the incorrect ITR form can lead to rejection of your return. There are different ITR forms for various types of taxpayers and income.

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Not Reporting All Sources of Income: It is essential to report all sources of income, including interest from savings accounts, fixed deposits, rental income, and any other income.

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Overlooking Advance Tax Payments: If your total tax liability exceeds Rs 10,000 in a financial year, you are required to pay advance tax. Failure to do so can result in interest penalties under sections 234B and 234C.

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Not Keeping Records: Maintain thorough records of all income, deductions, and tax payments for at least six years. This documentation is crucial in case of any scrutiny or reassessment by the tax authorities.

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