Mistakes that you should avoid while filing income tax return

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1. Pick the proper ITR Form

The revenue enhancement department has issued different forms for various styles of taxpayers while filing the income tax return. Even for individual taxpayers, there are four styles of forms, so confirm if you have picked the proper one. A wrong one will only complicate the method so take care of what you are filling. There are about seven styles of forms.

2. Don’t Miss Your Interest Income

Interest income is extremely confusing. The public assume that everyone’s interest income is tax-free but that is not the case. Under Section 80TTA, only interest income from savings account is tax-free up to Rs. 10,000. Interest income from fixed deposits remains taxable, so mention that!

3. Complete Your Details

Fill all your details within the KYC form. Your name, sign, email ID, account number, Pan and Aadhar details should all be correct for a smooth processing and timely refund. Earlier, you had to disclose only 1 savings account where the return would be processed but now all account details have to be declared.

4. Match the number

The Form 26 AS is the one that provides you a consolidated statement of the entire TDS during the year. This amount should match the number in form 16 and 16A. If you have changed jobs during the year, make sure you declare that salary still otherwise your return are going to be incomplete and you may not get an entire refund.

Match the number

5. E-Verify

Your process of filing return is almost complete once you submit the ITR-V form. It is an acknowledgement that you just receive after e filing the income tax return. It can either be verified online or through a replica mailed to the IT department.

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