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ITR Filing 2024: 10 Common Mistakes To Avoid While Filing Tax Returns At Last Minute In India
Users should avoid 10 common mistakes when filing last-minute tax returns in India: incorrect details, missing documents, ignoring deductions, wrong bank account, skipping verification, late filing, incorrect form, ignoring changes, wrong income declaration, and missed deadlines.
Submitting Without Review:
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Always review your return for errors or omissions before final submission.
Skipping Previous Year’s Losses:
Remember to carry forward and set off losses from the previous financial year.
Not Verifying Tax Return:
E-verify your return or send the signed ITR-V form to the CPC within the stipulated time.
Overlooking Form 26AS:
Reconcile your TDS details with Form 26AS to avoid discrepancies.
Missing Bank Account Details:
Ensure all your bank account details are correctly filled in for refunds.
Incorrect Tax Calculation:
Use the correct tax slabs and rates for precise tax computation.
Ignoring Interest Income:
Include interest earned from savings accounts, fixed deposits, etc., to avoid penalties.
Mismatch in Income Details:
Double-check your Form 16 and other income statements for accurate income reporting.
Forgetting Deductions:
Don't forget to claim all eligible deductions under sections like 80C, 80D, etc.
Incorrect Personal Information:
Ensure your name, PAN number, and address are accurately filled in. (Image Credit: Freepik)
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