ITR Filing 2023: Income tax returns are being filed, but there are some mistakes regarding Income Tax Return, which if not taken care of, taxpayers sit. There are many common mistakes that we do not pay attention to
ITR Filing 2023: Income tax returns are being filled. Many taxpayers either take the help of CAs or finance experts to file ITR, or file their tax returns online on their own. But there are some mistakes regarding Income Tax Return, which if not taken care of, taxpayers end up doing it. There are many common mistakes that we do not pay attention to, or we do not even know that we are making mistakes. We are telling you some such mistakes, so that you stay away from them.
1. Filing ITR on wrong form
The Income Tax Department issues various types of ITR forms for taxpayers. Different categories of taxpayers have to fill different forms. There are forms from ITR-1 to ITR-7. If you fill the wrong form then your ITR is defective or invalid. Click on it to know which form is correct.
2. Giving wrong details
While filing ITR, you have to provide your personal details, which include your PAN, Aadhaar, Bank Account Details, email ID, contact number, etc. You should fill these details very carefully. Often we make mistakes in filling them and suffer losses. It is very important to give correct bank account details, otherwise your tax refund can be stopped.
3. Not mentioning interest earnings
In the ITR Form, you are asked whether you have income from other sources as well, but in ‘Income from other sources’, we do not tell how much we have earned from interest on savings account or fixed deposit account. Interest up to Rs 10,000 on savings account is tax free. It is 50,000 for senior citizens. There are tax rules on FD as well. You also have to give information about interest on FD.
4. Non-disclosure of income outside the net of tax
According to the income tax rules, the taxpayer should give information about all his income, whether it comes under the tax net or not. Income up to 2.5 lakh in the old tax regime and up to 3 lakh in the new tax regime is out of the tax net. At the same time, you get tax exemption on some other income, it is important to mention them.
5. Not verifying your ITR
Your work does not end just by filling ITR. You need to e-verify your ITR. It has to be e-verified within 30 days of filing ITR. If e-verification is not done then your ITR will not be processed.
6. Claiming deduction without proof
At the time of tax filing, you get tax exemption on various investments and expenses. You can take this deduction by showing proof. But many taxpayers claim deduction in the form, but do not attach any proof with it. Do not do this at all, this can lead to your deduction being rejected. You should keep this proof for 7 years.
7. Non-filing of Income Tax Return
You should file tax return even if your income is not taxable. Many people do not file ITR thinking that tax is not being made on their income, but if you are getting any income from any source then you should file ITR.
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