Most people would be busy filing for the Income Tax return (ITR) as the Last date for claiming is around the corner. People commit a few basic common mistakes during the process. It is better to make filings without errors to avoid scrutiny by the IT department. Read through to learn them.
First things first! Who Can File For ITR?
One whose annual income is more than the basic income tax exemption can file for the Income Tax return (ITR).
- If your income is more than INR 2,50,000, file for ITR
- Returns can either be filed physically or online (e-filing).
- E-filing is mandatory if the income is above INR 5 lakh per annum
What Are 3 Common Mistakes People Commit While Filing ITRs?
Last minute rush makes people commit mistakes and does not give time for review. Avoid such common mistakes while filing ITRs. Make the most of the opportunity!
1. Do Not Miss The Last Date:
Do not miss the last date to avoid penalty. Do not wait till the last day i.e. 31 July 2017, to make an ITR filing. Plan well before so that all the documents like bank statements, investment details, etc. could be collected and placed in tact. Avoid last-minute hassles.
2. Do Not Miss Including Interest Income:
Do not neglect the interest earned through different sources like FDs, savings accounts, etc. Be informed that only up to INR 10,000 interest earned through savings account can be exempted from the tax deduction. So consider all your savings together and separately to plan well.
3. No Mistakes In Personal Details:
Be sure of mentioning all the details right when filing. Check all the details like mobile number, bank address, email, DOB, etc. The wrong bank account may land you missing out on refunds. Likewise, wrong email Id leads to missing crucial notices or acknowledgments from IT departments.
In conclusion, it is imperative to be utmost careful while filing IT returns to avoid disappointments. Do not commit simple mistakes like filling the wrong form, reporting wrong details, skipping crucial details, neglecting deductions under appropriate headings. For more advice on tax savings and related investments approach online fiduciary like ArthaYantra – World’s full serve robo advisory.
