Here are some of the common mistakes that an individual makes, while filing returns: -
- You should avoid filling wrong or incomplete personal details like PAN, Date of Birth, Gender, Residential status etc.
- You must choose correct ITR Form when you are filing your returns, as it is the common mistake most of the taxpayers make.
- The taxpayer should provide his/her correct residential status, as wrong residential status may make Income Tax Returns defective.
- Bank details play a major role when refunds are concerned, taxpayers are supposed to provide their correct bank details like IFSC Code, Bank Name, Account No, Account Type etc, in order to receive refunds, if there are any.
- The most common mistake what taxpayers do is, they fill TDS details as per Form 16/Form 16A. Instead one should refer form 26AS while filling TDS details.
- If the taxpayer is going through some losses he/she should carry it forward to next year and set off the same as per appropriate provisions. One should not miss to carry forward the balance loss.
- You must consider all the available deductions under section 80C, while filing returns.
- If you made some donations, you should claim deductions under section 80G.
- You must send your ITR-V to CPC Bangalore on time that is within 120days of filing ITR.
- According to the recent amendment, in the income tax act, 1961, if taxpayer files a payable return, this return will be treated as defective return. Taxpayer should clear all his/her taxes before filing his/her returns.
- The taxpayer must take care of the calculation of his/her income tax.
- If a taxpayer receives salary from more than one employer, then the taxpayer must fill multiple Form 16 under salary head.
- While filing returns a taxpayer should consider his/her various income sources and file the income tax return accordingly.
- If you have any exempt income, you must mention it while filing your IT returns.
- Any Income from house property should be mentioned while filing Income Tax Returns.
- If a taxpayer is eligible for some tax relief, then in that case he/she should mention it in while filing his IT returns and he/she can claim it under section 89 of Income Tax Act.
- If taxpayer is earning income from global platform, then that income is taxable under sections 90, 90A and you will have to mention it when you are filing your income tax returns.
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