Last day to file income tax returns: 10 mistakes to avoid while filing return
New Delhi, July 31: Filing of income tax return can get truly troublesome on the off chance that you don’t pay notice to the subtle elements. Consistently, various applications get dismissed because of wrong or confused information. This is the motivation behind why you ought not to commit any errors on your application, particularly in the event that you are e-petitioning for returns interestingly.
Waiting until the due date to e-file income tax returns is a lazy pattern that many taxpayers are being used to. The legislature has streamlined petitioning for returns by presenting web based recording framework, consequently, you should document your ITR before the due date to maintain a strategic distance from any mistakes or for correcting the same.
Delaying e-verification on return will result in the delay of the procedure of filing for returns. Taxpayers have two options for verifying the returns. first one is sending the Income Tax Returns Verification acknowledgement to CPC, Bangalore within 120 days of filing the returns.E -verifying your returns online is another way. This does not need to send the ITRV. The procedure of e-verification can be done via net banking, Demat account, Aadhaar number and bank account number.
Filling the form with correct personal details is essential to achieve a flawless e-filing process you must furnish the accurate personal details like your postal address, date of birth, status, email ID, mobile number etc.
It is also pivotal to make sure that your details are filled correctly in their designated columns. Any errors in the date of birth will result in falling in a higher tax slab. The registration method can be difficult if you aren’t familiar with the standards and any incorrect information may lead to issues in the future.
Errors in your banking particulars is a crucial part of the successful filing of income tax returns. While e-filing, always double check to see if the name, account number, IFSC and MICR code of your bank account matches the credentials entered in the registration portal.
Failing to report all the bank accounts in the current financial year is illegal as the Income Tax Department has clearly stated under its act that every taxpayer must mandatorily submit all the bank accounts registered in the name of the taxpayer. Also, if you have made a cash deposit of more than Rs 2 Lakh during the demonetization period (November 9, 2016-December 30, 2016), you must fill a specified column in the e-form to report the cash deposited.
Overlooking the differences in TDS figures while e-filing will make your application for returns invalid. Be sure to verify that the figures of TDS made on your income is reflected in form 26AS and it matches. Form 26AS will also verify the fact on the instance when your employer has made TDS from your income but hasn’t submitted the same to the Income Tax Department.
Providing wrong financial data is one of the biggest reasons for rejection of filing returns when your salary details contradict the TDS. Income from other sources such as house property income, short-term capital gains etc. should be clearly stated. There will be a lot of precision that needs to be met while submitting the credentials of your financial data so it is best to seek the console of tax specialists.
Not reporting exempted income in the previous ITR forms consisted of a single column where you must report the income that has been exempted from taxation. The new forms, however, have been aligned with different columns where reports of exemption on dividend income and long-term capital gains must be mentioned specifically.
E-Filing for claims by submitting the wrong form will lead to the rejection of the application. Among the 7 ITR forms, you must make sure that you choose the one which is applicable as per your income type. For instance, last year ITR-4 was applicable for those having income from the business but this year ITR-3 is the form applicable for business entities.