Avoid these Common Mistakes While Filing ITR.
03 May 2024 2 mins Tax Planning
Optimize your tax returns and enjoy tax benefits by avoiding common mistakes in ITR filing. Here's what to watch out for:
1. Choose the Right ITR Form
Pick the correct form matching your job type to stay compliant with tax regulations.
2. Timely Filing
Submit your taxes early to dodge penalties and make the most of potential gains.
3. E-Verification
Don't forget to e-verify your returns within 120 days to keep them valid.
4. Declare All Income
Report all income sources accurately to prevent any tax troubles.
5. Check for Consistency
Ensure consistency between Form 16 and Form 26AS to avoid filing errors.
6.Verify Deductions
Double-check all deductions and exemptions you're eligible for to maximize tax savings.
7.Review Tax Credits
Ensure that all TDS credits are correctly reflected in your tax return to avoid underpayment.
8.Seek Professional Help
If unsure, consult with a tax expert or use online filing platforms for accurate submissions.
If errors are found, you can rectify them under Section 154(1) of the Income Tax Act. Stay informed to improve your ITR filing experience and maximize your returns. Learn more about tax-saving FDs and checking your refund status for better financial management.
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