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The ITR Filing season for FY 24-25 is around the corner, and so is the annual duty of filing your ITR accurately and on time. With so many provisions, tax-saving options, and ITR Forms, it is common to make mistakes while filing ITR.
To help you avoid these ITR filing mistakes, we have compiled a list of the common errors in ITR filing. From choosing the right ITR form to claiming the right deductions and abiding by the deadlines, this guide will help you avoid costly mistakes and ensure a smooth and seamless ITR-filing journey.
ITR Filing Mistakes to Avoid
Choosing the Incorrect ITR Form
If you choose the wrong ITR form, the Income Tax Department may delay the processing of your return. There are seven different types of ITR forms depending on the nature of income and the category of taxpayer. Choosing the right one can be confusing. But don’t worry, you can file your ITR with Tax2win, which automatically selects the correct ITR form as per your requirements.
Not Disclosing All Sources of Income
While filing your ITR, you must disclose all the sources of your income. Any source other than the primary source of income, such as savings account interest, FD interest, rental income, etc, must be disclosed in the ITR, irrespective of whether it’s taxable or exempt. Missing out on reporting crucial information can attract notice from the Income Tax Department.
Entering Incorrect Personal Details
Even a small typo in your email, address, name, or bank details can lead to delayed processing of your ITR. Make sure you double-check all the information, including your phone number and email address, to ensure proper communication from the Income Tax Department.
Selecting the Wrong Assessment Year
Another common error in ITR filing is selecting the wrong assessment year. Make sure you select the correct assessment year while filing the ITR (i.e., the year for which the return is being filed). Choosing the wrong year can lead to errors in ITR filing.
Entering Incorrect Bank Details
Bank details play a crucial role in helping you get your refund on time. If you enter incorrect bank details, your income tax refund might get delayed, and it can also attract notice from the Income Tax Department. Therefore, it is important to ensure you enter the correct bank details.
Missing Eligible Deductions and Exemptions
With so many possible deductions and exemptions, it is very common to miss out on eligible deductions while filing your ITR. When filing your ITR yourself, you might miss out on eligible deductions, thus increasing your tax liability. Don’t worry! Our tax experts can help you maximize your tax savings by helping you claim all possible deductions and exemptions.
Forgetting to E-verify Your ITR
Your job does not end with filing your ITR. After filing ITR, you must e-verify it within 30 days. If you fail to e-verify your ITR within the prescribed timeframe, your ITR may become invalid and you might have to file your ITR again.
Not Disclosing All Assets and Liabilities
Even if it does not impact your overall tax liability, it is necessary to report all your assets and liabilities while filing your ITR. Any discrepancy or non-reporting can attract notices from the Income Tax Department.
By avoiding these common ITR filing mistakes, you can ensure a smooth and hassle-free filing journey. However, we understand taxes can be complex, and avoiding these ITR filing mistakes can be difficult for you. But what if you can get expert assistance every step of the way? That’s where Tax2win comes into the picture.
Tax2win’s tax experts have over a decade of industry experience. Our experts navigate through 300+ provisions to find the best ones for your needs. From tax planning, ITR filing to assistance with notices, our online CAs have got you covered. So, if you are someone who breaks out in a cold sweat hearing about taxes, don’t worry! Simply book an online CA from tax2win and ensure a smooth and hassle-free ITR filing journey.
