The deadline for filing income tax returns is July 31. Experts say that just filing an income tax return is not enough. Filing income tax returns correctly is important; otherwise, it may be rejected. Today let’s find out about 5 such mistakes, due to which returns can be rejected.
- Giving wrong information in the form: Taxpayers should not give any wrong information in the income tax form. The Income Tax Department has asked return filers not to claim false information for expenses and not to understate their income. The department said that claiming exaggerated and fake returns is a punishable offense.
- Difference between data in Form 16 and Annual Information Statement: Before filing ITR, it is important to understand the information given in Form 16 and Annual Information Statement correctly. This reduces the chances of entering wrong information in ITR. Taxpayers should match the data in Form 16 and the Annual Information Statement.
- Not submitting the form within the deadline: The form must be submitted before the last date of filing the income tax return. If the form is not submitted on time for any reason, the return may be rejected.
- Mistake in tax calculation: There is a possibility that ITR will be canceled even if there is a mistake in tax calculation. So, taxpayers should calculate their tax properly before filing ITR. Taxpayers should consult a tax expert in case of any problem.
- Non-verification of form: It should be noted that if the income tax return is filed without verification, it will be declared invalid. So, after filing the income tax return, it needs to be e-verified (e-verify ITR). There is a deadline for ITR verification. After filing ITR, it has to be e-verified within 30 days.
Proper and timely filing of ITR is essential to avoid penalties. By being aware of these common mistakes and avoiding them, anyone can streamline their tax filing process for 2024-25.
