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The last date for filing ITR without penalty for the financial year 2023-24 and assessment year 2024-25 is ending on July 31. In such a situation, if you are filing income tax return, then avoid making some common mistakes. Let's know about them.
File ITR by July 31, otherwise you may have to pay a fine of Rs 1,000 to Rs 3,000.
Incorrect personal details such as PAN number, bank details, etc. may result in your refund getting rejected or refund getting delayed.
Keep in mind that there are different ITR forms for different taxpayers. If you fill in the wrong ITR form, you may have to file the return again.
For example, ITR-1 is for salaried class people. While ITR 4 is for professionals and small businessmen.
It is a very common mistake to hide information about your various sources of income like interest from savings account, FD and rent etc. Avoid making such a mistake.
Don't make the mistake of ignoring Form 26AS. This will help you calculate TDS correctly and reduce the chances of making mistakes in the future.
Not verifying ITR is a very common mistake. Income tax return process is not considered complete without e-verification. E-verification must be completed after filing the return.