ITR Filing - Common Mistakes You Must Avoid While Filing Income Tax Return (ITR)
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Mistakes made while filing an income tax return make one’s return invalid and may lead the person liable for penalty and prosecution.
Filing an income tax return can either be a tiresome or an easy process. It all depends upon the knowledge & guidance one receives. With so many provisions, deductions, sections, Rules, etc., it is easy to get lost in the vast ocean of Income Tax.
Therefore, we have listed some of the most common mistakes tax filers make below. Our guide on common mistakes while filing income tax returns will guide you and help you avoid such mistakes.
Filing an income tax return can either be a tiresome or an easy process. It all depends upon the knowledge & guidance one receives. With so many provisions, deductions, sections, Rules, etc., it is easy to get lost in the vast ocean of Income Tax.
Therefore, we have listed some of the most common mistakes tax filers make below. Our guide on common mistakes while filing income tax returns will guide you and help you avoid such mistakes.
- Reconcile Form 26 AS and AIS,
- Filing ITR using the wrong form,
- Not reporting exempt income in ITR,
- Not reporting interest income (Bank / FDR) in ITR,
- Not reporting income of the last job,
- Not reporting incomes from investments / tradings,
- Clubbing of Incomes ,
- Not disclosing Foreign Assets,
- Documentary Proof for Claiming Deductions / Exemptions,
- Failure to E-Verify ITR V.
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