The deadline for filing Income Tax Return (ITR) is July 31. Experts say that it is not enough to file the income tax return. It is important to file the income tax return correctly, otherwise it may be rejected. Let us know about 5 such mistakes, due to which it may be rejected.
1. Providing incorrect information on the form:
Taxpayers should not provide wrong information in the income tax return form. The Income Tax Department has asked taxpayers not to make false declarations of expenses or understate their income. The department has said that making exaggerated and false declarations is a punishable offence.
2. Difference between the data in Form 16 and the Annual Information Declaration (DAA):
Before filing a tax return, it is important to properly understand the information provided in Form 16 and the Annual Information Return (AIS). This will reduce the chances of incorrect information being entered in the tax return. Taxpayers must match the data in Form 16 and the AIS.
3. Not sending the form before the deadline:
The form must be submitted before the last date for filing the income tax return. If the form is not submitted on time for any reason, the return may be rejected.
4. Making mistakes when calculating taxes:
There is a possibility that the tax return may be rejected even if an error is made in calculating the tax liability. Therefore, taxpayers must calculate their tax liability correctly before filing the tax return. In case any problem arises, taxpayers should seek advice from a tax expert.
5. Not verifying the form:
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Remember that if you file an income tax return but do not verify it, it will be declared invalid. Therefore, after filing the income tax return, it is necessary to e-verify it (e-verify ITR). There is a deadline for verifying the ITR. After filing the ITR, it is necessary to e-verify it within 30 days.
Filing your tax return accurately and on time is critical to avoiding penalties and ensuring smooth processing. By knowing and avoiding these common mistakes, you can streamline the tax filing process for the 2024-25 tax year.
First published: July 30, 2024, 12:21 IST
