Five key mistakes to avoid for Filing income-tax returns

Choosing incorrect Income Tax Return form:

ITR (income-tax return form varies depending on sources of income. Use of incorrect ITR form leads to  the return being treated defective.

Such assessees are given intimation under Section 139(9), asking them to rectify the mistake within 15 days.

 

Not disclosing several types of income: 

Interest income from banks — savings and fixed deposits — and post office must be reported while filing returns.

Interest income should be shown in the return even when Form 15G or 15H has been filed, provided the earning is not exempt under Section 10 and total income exceeds the maximum amount not taxed.

 

Income shown in return does not reconcile with Form 26AS: 

A discrepancy between income reported in Form 26AS and in the return filed by the filer can lead to the I-T department making preliminary adjustments and sending a notice under Section 143(1).

The assessee gets 30 days to respond online.

Failure to claim deductions not shown in Form 16: 

Taxpayers are entitled to claim those exemptions while filing their return, provided they have the supporting documents.

Taxpayers also make mistakes when they have multiple Form 16s.

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