5 mistakes to avoid while filing Income tax return

Here are common mistakes which should be avoided while filing ITR:
1. Filing ITR Without Using All Sources of Income
While computing the ITR, it is required to take into account all sources of income whether from the previous or current employment or income from investments and file it under the appropriate ITR form.
2.Choosing The Wrong ITR Form
There are different forms prescribed for different types of taxpayers. For example, ITR-1 is applicable only for resident individuals having income up to Rs 50 lakh and only for those having income from salary, one house property.
3.No Declaration Of Income From Capital Gains On Sale Of Assets
In case the taxpayer makes investments to claim capital gains exemption, the details of the investment and capital gains exemption should be given.
4.Non-Verification Of TDS Details With Form 26AS
The form 26AS carries a summary of TDS and tax payments on the income such as salary, interest, or sale of immovable property.
Before filing, one should verify the TDS and tax payments with form 26AS.
5. Not Filing ITR
It is mandatory to file ITR even if the gross total income is less than the basic exemption limit, if an individual has deposited more than Rs 1 crore in current bank account(s) during the financial year or spend more than Rs 2 lakh in foreign travel on self or any other person or if the electricity bill paid during the year exceeds Rs 1 lakh.
It is mandatory to file ITR for the resident individuals if they are holding assets outside India or have interest in any asset outside India or are authorized signatories for bank accounts located outside India.

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