look news india
If the Income Tax Return (ITR) is not filed correctly, there is a possibility of it being rejected. That is why tax experts advise to be careful while filling the ITR form. They also say that taxpayers should not file returns in a hurry. If for some reason taxpayers are facing difficulty in filing returns, then they should take the consultancy services of a CA or tax expert. This is because taxpayers have to face problems after the income tax return is rejected. Let us know what mistakes taxpayers should generally avoid.
1. Wrong information in the form
Taxpayers should not give any wrong information in the income tax form. One should not claim any deduction to which he is not entitled. All the information should be checked once or twice before submitting the form. Many times, due to error in calculation, wrong information gets entered in the form, due to which the form gets rejected. It is also important for taxpayers to pay attention to using the correct form for filing the return.
2. Difference between data in Form 16 and AIS
The Income Tax Department has many ways to keep track of every financial situation of taxpayers. The most important among these is the Annual Information Statement (AIS). Similarly, the most important document for salaried taxpayers is Form-16. Before filing income tax return, it is important to understand the information given in Form 16 and AIS properly. This will reduce the chances of wrong information going into ITR. Taxpayers are advised to match the data of Form 16 and AIS.
3. Not submitting the form by the deadline
It is necessary to submit the ITR form before the last date of filing ITR. Usually taxpayers fill the ITR form in advance, but do not submit it. If for some reason the form is not submitted on time, then their return may be rejected. After the form is rejected, the return will have to be filed again with a penalty.
4. Mistake in tax calculation
There is a possibility of ITR being rejected even if there is a mistake in calculating the tax liability. Therefore, before filing the return, taxpayers should calculate their tax liability correctly. They should calculate the deductions, exemptions and tax rates correctly. If there is any problem, advice of a tax expert can be taken.
5. Non-validation of the form
After submitting the income tax return, it is necessary to verify it. There are many ways to verify it. It can be verified through OTP from Aadhaar. It can be verified through netbanking. The ITR-V form can be signed and sent to the Central Processing Center in Bengaluru. If you file ITR and forget to verify it, then your return will be considered invalid. There is a deadline to verify ITR.