Filing ITR 2024: Avoid these ITR filing mistakes to avoid penalties and a notice from the Income Tax department.
Filing your tax return: Common mistakes to avoid when filing your tax return. (Photo credit: depositphotos)
New Delhi: The 2024 tax return filing deadline is July 31, 2024, just 7 days away from the deadline. Don’t miss the last date if you want to avoid a penalty for filing your tax return late. However, if you are in a hurry to file your tax return, don’t make these common mistakes as filing an incomplete or inaccurate return can cost you dearly. Here, we share some common tax return filing mistakes that you should avoid.
Last date for filing ITR
Don’t choose the wrong way
When filing your tax return this year, make sure you’ve chosen the right form for you. Here are the available forms:
- ITR-1 is for people whose income is less than or equal to Rs 50 lakh
- ITR-2 is for income above Rs 50 lakh
- ITR-3 is for income from business or profession
- ITR_4 is for resident individuals and HUFs with income above Rs 50 lakh
- The ITR-5 is intended for businesses, limited liability companies and other similar entities.
- The ITR-6 is for businesses that do not seek an exemption under Section 11.
- The ITR-7 is for persons or businesses covered by sections 139(4A) through (4D).
Do not cite the wrong evaluation year
- Taxpayers should be careful while filing their ITR and ensure that they have chosen the FY 2024-25 instead of the FY 2023-24.
- Filing the ITR in the wrong tax year can lead to double taxation and make you subject to penalties.
Don’t forget to verify your personal information
Taxpayers must ensure that they have provided correct information in terms of:
- Name
- ADDRESS
- mail id
- Phone number
- PAN
- Birthdate
- Reporting incorrect personal information may result in rejection of the ITR or a delay in processing the ITR refund.
Filing ITR: 5 things you need to know
Don’t forget to disclose additional sources of income
If you have more than one source of income, make sure you have provided all the information on your tax return. This includes:
- Bank account interest
- Fixed deposit interest
- Failure to disclose may result in scrutiny and penalties.
Don’t ignore Form 26AS
- Taxpayers should ensure that there are no discrepancies between Form 26AS and their ITR.
- Since the 26AS is a consolidated tax return with details of taxes collected and deducted at source, it is important that its details match those provided by the taxpayer to avoid a smaller refund or higher tax payable.
Don’t forget to check the ITR
- Filing of ITR is incomplete without verification of ITR.
- ITR verification is a simple process that requires taxpayers to verify it electronically or send the ITR printout by mail to the IT department office.
- Taxpayers should note that there is a 30-day period for tax verification, otherwise they may have to re-file the ITR, requesting a tax notification from the IT department.
