12 Common Income Tax Filing Mistakes to Avoid This Assessment Year – Visual Story

Filing your Income Tax Return (ITR) is an…

Filing your Income Tax Return (ITR) is an annual ritual that demands precision, patience, and attention to detail. Yet, every year, thousands of taxpayers receive defective return notices or face delays in refunds simply because of avoidable errors.

Consequently, the margin for error has shrunk.

Consequently, the margin for error has shrunk. Making income tax filing mistakes is no longer just a minor inconvenience; it can lead to scrutiny, penalties under Section 270A for under-reporting income, or interest levies under Section 234A, B, and C.

Your personal information forms the foundation of your…

Your personal information forms the foundation of your ITR. Confusing Financial Year (FY) with Assessment Year (AY) This is perhaps the most frequent income tax filing mistake made by first-time filers.

The department has notified different forms for different…

The department has notified different forms for different categories of taxpayers. Choosing the wrong form is a substantive error that will almost certainly result in a notice.

Selecting ITR-1 when you have capital gains from…

Selecting ITR-1 when you have capital gains from mutual funds is one of the classic income tax filing mistakes that triggers an immediate defect notice. Major Income Tax Filing Mistakes in Reporting Income Many taxpayers believe that only the income shown in Form 16 (for salaried employees) needs to be reported.

Many taxpayers hurriedly try to maximize their Section…

Many taxpayers hurriedly try to maximize their Section 80C limit at the last minute. For a detailed breakdown of what is available, refer to the list of income tax deductions from Section 80C to 80U.

You can verify your return via: Aadhaar OTP…

You can verify your return via: Aadhaar OTP (Most popular and fastest). Net Banking.

This includes land, buildings, cash in hand, jewelry,…

This includes land, buildings, cash in hand, jewelry, vehicles, and other assets. Hiding these assets or failing to declare them constitutes a serious violation.

Frequently Asked Questions What happens if I make…

Frequently Asked Questions What happens if I make a mistake in my ITR filing? If you discover an error after filing, you can file a "Revised Return" under Section 139(5) before the end of the Assessment Year or before the assessment is completed, whichever is earlier.

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