ITR 2024 Presentation: The deadline for filing Income Tax Returns (ITR) is approaching, and the last date to file without late fees for the financial year 2023-24 (FY 2024-25) is July 31, 2024. As many people are filing their returns now, it is essential to keep several key points in mind. If these are not kept in mind, your return form may be rejected and complications may arise. Let us know about these errors in detail.
Avoid THESE mistakes
- Incomplete or incorrect information: When filing your income tax return, make sure all information is complete and correct. This includes checking personal details, income figures and deductions claimed. Errors, even minor ones, can delay the process, cause your application to be rejected or result in penalties. Check all details thoroughly before submitting the return form to avoid problems.
- Discrepancies in income information: Discrepancies in income information can lead to rejection of your income tax return (ITR). If the income declared in your return does not match the income reported by your employer (as shown in Form 16) or other sources, the Income Tax Department may flag it. The department verifies data from various sources such as employers, banks, and investment institutions. Make sure the income figures in your return are consistent with those reported by these sources to avoid discrepancies.
- Incorrect tax assessment: Tax calculation errors are a common cause of tax return rejection. It is critical to accurately determine your tax liability. Errors in calculating taxable income, deductions, exemptions, or tax rates can result in your return being rejected. Always stay up to date with the latest tax rules and regulations, as they can change.
- Submit the form on time: Filing your tax return on time is critical. Each year there is a designated deadline for filing tax return forms, and missing this deadline increases the risk of rejection. Make sure you file your return before the deadline to avoid penalties or rejection of your return.
- Omission of signature or verification: Failure to include a signature or complete verification can lead to major problems. ITR forms typically require physical signatures in designated fields, and electronic verification (e-verification) may also be required after filing. Failure to follow these steps may result in rejection of your return.
Also Read: ITR Alert: Don’t forget to claim these four deductions to reduce taxes when filing your return
Also Read: ITR 2024 Filing: How Much Penalty Will You Have to Pay for Late Filing of Income Tax Return? Know the Rules
