Keep a check on these Mistakes while Filling Your ITR. 6 Common Tax Filling Mistakes You Must Avoid while filling your Income Tax Return.
You may delay but time will not.
We ignore this saying in many aspects of Life and ITR Filling is certainly one of them.
The last day to file ITR for AY 2021-22 is almost here 31 July 2022. Let’s look at the common errors taxpayers make while filling ITR.
Picking the Wrong ITR Form
- The Choice of ITR form depends on your sources of income.
- For Example, Salaried individuals use ITR Form 1. but if they also Earn Profit from investments, ITR Form 2 is Suitable.
- If You are confused, then feel free to contact us we will provide full guidance on selecting the right ITR Form for filling the Income Tax Return. and also help you in preparing and filling the ITR.
Selecting the Wrong Assessment Year
- Assessment Year (AY) and Financial Year ( FY) can be confusing.
- While FY ( April to March) means the year while income is earned. AY ( again April to March ) is the year that Follows.
- So, for FY 2021-22, AY is 2022-2023.
Not Mentioning All Bank Accounts
- not disclosing all your bank accounts inITR filling is against IT Rules.
- So, provide details of all your domestic and foreign bank accounts.
- in fact, you must also mention the bank accounts that were closed during the Financial Year.
Not Disclosing All Sources of Income
- Some of us have additional income ( besides salary ) from rent, interest from FDs, Dividends, Capital Gains, etc.
- Mentioning all these different incomes ( along with their sources ) is mandatory.
Not Tallying Form 26AS with Form 16
- Form 26AS is a Consolidated Statement of the taxes you have already paid and refunds due to you.
- Sometimes there can be a mismatch between Form 26AS and Form 16 ( provided by your Employer).
- so, do crosscheck.
Recommend Blog: Difference Between Form 16 and Form 26AS
Forgetting to Verify ITR
To complete the Tax Filing process, you need to verify your ITR.
There are multiple ways to do it.
- Sending a Signed physical copy to CPC, Bengaluru.
- E-Verification using Aadhaar OTP.
- Online verification using the internet banking service of a bank.
Hope you will use this list to avoid the most common mistake. share “Common Tax Filling Mistakes You Must Avoid” with your friends so they can not make such mistake in their ITR Filling process.
This way, you don’t have to worry about receiving an income tax notice or paying fines and penal interest charges.
For any assistance and Guidance feel free to ask us in the comment section.
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