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Filing ITR? Here are some errors worth avoiding!


Filing ITR? Here are some errors worth avoiding!

You may already be rushing to arrange all your necessary documents and financial statements prior to filing your ITR in this tax season. However, there are several errors that people often make which are avoidable. Experts recommend that you re-check the ITR form to be filled up to ensure that there is no incorrect reporting of details. You should always make sure that you have the right ITR form in hand and whether all income sources have been taken into account. Many people miss out on income generated from miscellaneous sources. Also, you should always compare the last year’s ITR while taking a look at Form 26AS. You should also check whether you have disclosed all your assets.

Keep these things carefully in mind prior to filing your ITR. Choose the right form because if the wrong form is filed, the entire return will be regarded as defective. In case you have multiple properties, one of these will be self-occupied and the others will be taken as rented/let out and taxed similarly. These are taxation rules that you should never ignore. Do not skip any income that you have earned from any source while the ITR is being filed. Include your salary income, interest from the savings bank account, fixed deposits and so on. In case any source of income is missed, the Income Tax department may notify you, asking for an explanation of the same.

You should, always update your personal details including changes in your address or mobile number. These changes should be there when you file your IT return. There should not be any mismatches between Form 16 and Form 26AS. Check whether tax deductions for both forms are the same with no inconsistencies. Make sure that every deduction has been stipulated under the right head. Any delays in filing your taxes will lead to a penalty of Rs. 5, 000 in case the returns have been filed post the due date and by the 31st of December, 2018. In case the filing is done post December 31st, 2018, Rs. 10, 000 will be the fine that you will have to pay.

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