New Delhi: The ITR Filing 2024 deadline is just 7 days away on July 31, 2024. Don’t miss the last date if you aim to avoid a penalty for late ITR filing. However, in a hurry to file your income tx return, don’t make these common mistakes, since filing an incomplete or inaccurate return may cost you dearly. Here, we share some common ITR filing mistakes to avoid.
Don’t choose wrong form
While filing your ITR this year, ensure that you have chosen the right form for you. Here are the forms available:
ITR-1 is for individuals whose income is less than or equal to Rs 50 lakh
ITR-2 is for income higher than Rs 50 lakh
ITR-3 is for incoem from busienss or profession
ITR_4 is for resident individuals and HUFs with income above Rs 50 lakh
ITR-5 is form firms, LLPs and other such entities
ITR-6 is for comoanies that do not seek exemption under section 11
ITR-7 is for persons or companies covered by sections 139(4A) to (4D).
Don’t quote wrong assessment year
Taxpayers must be careful while filing their ITR and ensure that they have chosen the assessment year 2024-25 instead of FY2023-24.
Filing ITR under the wrong assessment year may lead to double taxation and make you liable to penalties.
Don’t forget to verify personal information
Income taxpayers must ensure that they have furnished the correct information in terms of:
Name
Address
email ID
Phone number
PAN
Date of birth
Reporting the wrong personal information may lead to ITR rejection or a delay in ITR refund processing.
ITR filing: 5 things to know
Don’t forget to disclose additional sources of income
If you have more than one source of income, ensure that you have furnished the entire information on your ITR. This includes:
Interest from bank accounts
Interest from fixed deposits
Non-disclosure may invite scrutiny and penalty.
Don’t ignore Form 26AS
Taxpayers must ensure that there’s no discrepancy between Form 26AS and their ITR.
Since 26AS is a consolidated tax statement with details of taxes collected and deducted at source, it is important that its details matches with those furnished by the taxpayer to avoid lower refund or higher tax payable.
Don’t forget to verify ITR
ITR filing is incomplete without ITR verification.
ITR verification is a simple process that requires taxpayers to e-verify it or send the printout of the ITR by post to the I-T department’s office.
Taxpayers must note that there’s a 30-day deadline for tax verification, failing which they may have to refile the ITR, inviting a tax notice from the I-T department.
ITR Filing 2024: Don’t make these ITR filing mistakes to avoid penalty and an Income Tax department notice. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
