Sunday, September 24, 2023

ITR Filing Mistakes Know About Common Errors To Avoid While Filing Income…

ITR Filing Mistakes: The season for filing income tax returns has arrived. It is mandatory for every employed person whose salary comes in the income tax slab to file income tax return for the assessment year 2023-24 i.e. financial year 2022-23. You should complete this work before July 31, 2023. According to the needs of different people, the Income Tax Department has issued a total of three types of forms. These are ITR Form-1, ITR Form 2 and ITI-4. At the same time, you can also file ITR through Form 16. It is important to keep some things in mind while filing income tax return, otherwise you may get income tax notice due to small negligence. Many times people make some very common mistakes while filing ITR. Come, we are telling you about those mistakes-

1. Not selecting the correct ITR form

Income tax form should always be selected on the basis of your earning, through income, on the basis of taxable income. According to experts, forms from ITR-1 to ITR-4 are generally for individual taxpayers. If your income is less than Rs 50 lakh per annum, then you should fill Income Tax Form-1. This income also includes earning up to Rs 5 lakh from bank FDs and other investments. If you do not choose the right income tax form, then you may have to face problems later. The Income Tax Department does not accept such forms and you will have to fill and submit the correct forms again within 15 days. On the other hand, for repeated mistakes, you may have to pay income tax notice and penalty.

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2. Non-checking of Form 16 and Form 26AS

Before filing income tax return, you must check Form 26AS and Annual Information Statement (AIS). In this you will get complete information about TDS. After this you match it with Form 16. If you find TDS related error in both the forms, contact your bank immediately.

3. Last minute filing of ITR

Many times people pile the income tax return on the last date. In such a situation, due to haste, many times forget to give some important information. For this reason, you may have to face income tax notice in this matter. In such a situation, you can complete this work comfortably within some time. After this you will not have any kind of problem. You can file ITR for the financial year 2022-23 by December 31, 2023, but for this you may have to pay a late fee ranging from Rs 1,000 to Rs 5,000.

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4. Non-disclosure of earnings by way of interest

Many times taxpayers forget to give information about the interest rate received from the amount invested in banks and post offices while filing income tax returns. Because of this, they may have to face trouble later. In this case, before submitting the form, cross-check Form 26S and AIS.

5. Information about income from previous employer

After changing the job, more care should be taken while filing income tax return. If you have changed jobs in the financial year 2023, then along with your current employer, take Form 16 from the old employer as well. With this, you will get the account of your old job and TDS. After this, you will not have to face problems like income tax notice.

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6. Non-disclosure of capital gains

It is worth noting that you will have to pay 15% tax on the income earned through any share or mutual fund i.e. capital gains. In such a situation, it is necessary to give the account of this income in the ITR in the financial year 2023. On the other hand, in long term gains, you will have to pay tax at the rate of 20%.

7. Giving wrong bank details

There is a need to take special care of bank details while filing income tax return. Many times people do not fill the bank details correctly. For this reason, he may have to face income tax notice later. Keep in mind that along with your bank account number, enter the IFSC code correctly.

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