The time for the filing of income tax return for the assessment year 2022-23 has arrived. The deadline for ITR filing AY 2022-23 is July 31. Experts suggest taxpayers shouldn’t wait for too long for filing their income tax return. Many of those who file income tax returns get income tax notices. Most of them make one of these six mistakes.
Fill proper ITR form
The Income Tax department has decided ITR forms for all kinds of taxpayers. The type of ITR forms depends on the mode of income. If the wrong form is chosen, the income tax department would reject the ITR. It would ask you to file revised returns under section 139 (5).
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Income details
Income tax department can send you a notice if you don’t furnish proper income tax details. So a taxpayer must declare full income, including interest on savings account and income from rent.
Form 26 AS
Form 26 AS gives you the amount of TDS deducted. Before filling in for your income tax refund, juxtapose form 26 AS with form 16/16A and check if the claimed income is correct. This would help you avoid any income and tax-related calculation mistakes.
Verify tax returns
It is imperative to verify the tax returns. Some people think their work is done after they have filed the income tax return. But the process is not over until you verify the tax return. You can e-verify your tax returns through the e-filing portal or through your netbanking account.
Read More: ITR filing : Your guide to file Income Tax Return; key forms and last date
Notify gifts
Under the income tax rules, if you have received a gift of more than Rs 50,000, you would have to pay tax on it. You must declare that amount as well.
Foreign bank accounts
If you have an account abroad, you would have to furnish the details with the income tax department. You would also have to declare any investment in financial instruments in other countries.
