Common Mistakes to Avoid When Filing Your Income Tax Return

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Due date is very important for many things like payment or application submission. How many of us pay money 10 days before Due date? Absolutely not! Most of us pay the money at the end of the due date. The time to file ITR (Income Tax Return) is only till July 31, 2023. You should know what problems will arise due to your small mistakes and how much the penalty amount will be there. In this blog post, you can know everything about how to file an Income Tax Return and some of the problems involved in it.

Many of us do the Income Tax Return File with an Auditor or through acquaintances. More information may be required while filing, and if anything goes wrong, your Income Tax Return file will not be accepted. So you should be very careful while filing ITR.

  • Missing the Deadline
    Many of us remember the due date but forget when the day comes. The next day we will file ITR with the penalty amount. File the ITR as soon as you have enough time, don’t file at the last minute. This Penalty amount is very high. We will see clearly about this in the next blog post.
  • Failure to file ITR
    Even today many people do not file ITR. If you don’t file ITR then you have to face many consequences. So if you are in the category where you can file ITR, don’t forget to file it.
  • Choosing the wrong ITR Form
    A major mistake many people make while filing ITR is filing the wrong ITR Form. Asking others to file ITR by mistake without knowing what ITR Form will come to us. Open the website to know your ITR Form category. If you know this clearly, you can file the ITR form correctly.
  • Bank Account Verification
    Your Bank Account details should be very clear and correct while filing ITR. Because if you have done the wrong Bank Account Verification, there will be problems in getting the amount returned. So bank account is very important, verify it properly and file ITR.
  • Providing False Personal Information
    If you have filed the wrong personal information in the ITR file, many problems will arise. You may receive a notice from the Income Tax Company. A small mistake you make can turn into a major mistake. Because accuracy is very important while filing ITR. Before filing ITR check if Personal Information and other details are correct in your document.
  • Selecting the Wrong Assessment Year
    Many of us wrongly choose Assessment Year while filing ITR. For this year you should select 2023-2024 when you file your Income Tax Return. But many people choose 2022-2023 while filing ITR, which is wrong.
  • Not Reporting Income From All Sources
    You should mention exactly where your income is coming from. Apart from that, all your income sources should be mentioned. If you have registered a false source of income, you may face many problems. So while doing ITR reporting all income sources should be mentioned.
  • Neglecting to disclose capital Gains and Losses
    If you are running a business, you should clearly file the amount of Gains and Losses. Remember that you should not mention only Losses or only Gains but clearly mention both.

Don’t forget these 8 mistakes and correct them. Because a small mistake you make can create big problems. So check it correctly several times while filing income tax return. Please note that ITR filing for this year is only till July 31, 2023.