Top 5 mistakes that you must avoid while filing your INCOME TAX RETURN

While filing Income Tax Return, Top 5 mistakes that you must avoid

#1. Selecting the wrong ITR Form

Each ITR form differs based on the nature of income. Since Income Tax Return are revised every year, it may so happen that you no longer have to file the same ITR they filed last year based on the changes.

#2 Not Disclosing All Sources Of Income

This is a mistake mostly salaried individuals do. You need to disclose all sources of income apart from salary while filing returns. Sources other than your salary include income from bank savings, rental income from house property if any, capital gains income, etc.

#3 Mismatch in Form 26AS Details and Other TDS certificates

It is advisable to keep all your TDS certificates like Form 16, Interest certificates from the bank (Form 16 A),  TDS certificate on sale of property ( Form 16 B) together and check whether correct TDS has been deducted against your PAN, with the entries in your Form 26AS. 

#4 Not Claiming deductions correctly

It is possible that you may have not been able to submit tax saving investment proofs to the employer and hence the details were not recorded in your Form 16. However, even if investments were not declared to the employer, tax relief can still be claimed while filing income tax returns. Keep the details of investments as supporting documents so that these deductions can be claimed.

#5. Not filing ITR on Time

late filing of Income-tax Return not only attract a penalty, but also loss of certain benefits.
Income Tax filing should not be a last-minute assignment and the necessary documents and TDS forms should be collected well in advance. 

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