Filing the income tax return The deadline for filing the return is approaching. The last date to file the Income Tax Return (ITR) without late fee for the financial year 2023-24 (FY 2024-25) is July 31, 2024. In such a situation, many people are filing their returns. If you are also going to file your return, then be especially careful about a few things. If you are not careful, your return form can be cancelled and you may be in trouble.
Incomplete or incorrect information
This includes everything from typos in personal information to errors in income figures or deductions claimed. Double-check all information thoroughly before submitting your return form. If you provide incorrect information, it may delay processing, cause your application to be rejected, or result in penalties.
Difference in income information
The Income Tax Department may reject your ITR if there is a difference between the income declared in your return and the income declared by your employer (as shown in Form 16) or other sources of income. This difference arises because the department receives data from multiple sources such as employers, banks and investment institutions.
Incorrect tax assessment
Incorrect tax calculations are one of the main reasons why a tax return is rejected. Accurately calculating your tax liability is important for your tax return. Errors in calculating taxable income, deductions, exemptions, or tax rates can result in a rejection. It is important to follow the most recent tax rules and regulations as they are subject to change.
Submit the form on time
It is very important to file your tax return by the deadline. Every year, there is a specific deadline for filing tax return forms. If you miss this deadline, your chances of being rejected increase. Make sure you file your return by the deadline. If you miss the deadline, a penalty may apply or your return may be rejected.
Does not include signature or verification
Failure to include a signature or verification can cause major problems. ITR forms typically require physical signatures in specific fields. Additionally, electronic verification (e-verification) may be required after filing. Failure to complete any of these steps may result in your return being rejected.
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