By avoiding these common mistakes, taxpayers can ensure a smooth and hassle-free ITR filing process.
As the tax season approaches, it is crucial for Indian taxpayers to be diligent in filing their Income Tax Returns (ITR) for the financial year 2023-24. Filing ITR is not only a legal requirement but is also vital in contributing to national development and claiming various benefits.
The process of filing tax returns has been simplified and digitized. However, it is still essential to avoid common mistakes that can lead to penalties, delays or legal complications.
-Ensure that your Permanent Account Number (PAN), Aadhaar, address, email ID and contact number are accurate and match the official documents.
-Use the correct ITR form as per your sources of income. If you file the wrong form, your return may be rejected as “defective”.
-Report all income, including exempt income, in the “Income from Other Sources” section. This includes interest, rental property, and self-employment.
– Complete specific forms to claim deductions under sections 80C, 80D, and 80G. Make sure you have valid documentation to support all deductions and exemptions.
– Form 26AS contains details of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). Make sure that all income reported in Form 26AS matches your records to avoid discrepancies.
-If you changed jobs during the financial year, declare income from both your previous and current employer to avoid discrepancies.
-File your ITR on time to avoid penalties and interest on unpaid taxes. The deadline to file ITR for the financial year 2023-24 is July 31, 2024.
