By Nandini Das
CNBC-TV18.com
Published July 8, 2024
Many taxpayers rush to submit their returns at the last minute, leading to numerous errors.
Mistake 1 Wrong ITR Form There are seven types of ITR forms. Choosing the wrong one causes errors.
Mistake 2 Incorrect Personal Info Wrong address, PAN, or Aadhar details can cause issues and potential notices.
Mistake 3 Incomplete Information Filling out information halfway leads to discrepancies.
Mistake 4 TDS and Income Mismatch Mismatch in TDS and income reported in Form 26AS causes issues.
Mistake 5 Late Filing or Non-Verification Filing after July 31 or not verifying ITR makes it invalid.
Mistake 6 Incorrect Bank Details Wrong bank info results in no refunds and refund issues.
Mistake 7 Not Disclosing Assets Failing to disclose assets in India and abroad can lead to severe consequences. .
Mistake 8 Not Carrying Forward Losses Not carrying forward losses, like long-term capital losses, results in losing tax benefits..
Mistake 9 Ignoring Schedule AL Ignoring Schedule Asset Liability can make the return incomplete.
Mistake 10 Tax Deduction Errors Mistakes in claiming tax deductions affect tax liability.
Mistake 11 STCG vs. LTCG Confusion Confusing short-term and long-term capital gains leads to incorrect tax rates.