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Likely mistakes to avoid during ITR filing
Posted on: 19/Jul/2018 3:30:23 PM
The last date to file income tax return is nearing. Officially, the deadline for IT filing is July 31, 2018. Perhaps, you’re hurrying up gathering all the necessary documents do get the process done. No matter how careful you are, the possibility of ending up with a mistake is too huge! And this will result in troublesome procedures with the tax department.
Speaking about this, a leading Tax expert says to reaffirm all your documents before ITR filing. Avoid possible errors, check in-detail so that your tax filing doesn’t get returned.
Below are some points to check before final submission:
- Is that the right ITR form that you’ve used for submitting?
- Are all the income sources encompassed?
- Did you set against your income list with that of previous year?
- Have you produced details of all your assets
- Did you check out Form 26AS?
Check the above to avoid likely errors in ITR filing.
Experts in ITR filing list out the following 7 as the most common mistakes often made while filing income tax return:
- According to the CBDT notification, there are 7 different forms from the year 2018-19. Hence, you should be keen about choosing the right form suiting your income slab. If the form you’ve chosen is wrong, the entire ITR filing process will be wasteful
- Make sure to abide by the income tax rules. For instance, if you own several properties out of which just one is self-occupied and the remaining being leased out or rented out, you will be liable to tax accordingly
- Consider all the various forms of income sources before you file ITR. This should include your salary, interest sourced out of savings as deposits, etc. If you have missed out on any source, you will be notified by the tax department for explanation
- You should also make sure to provide all your personal data like contact number, address, etc. Remember to provide the latest details
- There should not be any data mismatch between Form 16 and Form 26AS. This may end up in problematic scenario. The figures should be accurate and the tax deduction you have stated in either forms should match with each other.
- Mentioning incorrect deductions will also be considered wrong. This has to be avoided. The deduction should also be mentioned under the respective head
- The tax filing should be done on-time. Starting from this assessment year, a penalty of Rs 5000 is applicable for delayed ITR filing until all of it done till 31st December. For filing done after this date, a fine of Rs 10000 will be charged.
- ITR filing is no Himalayan task! A little extra effort can get you things done right. Keep these points in mind while sorting things for ITR filing this year.
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