The deadline for filing the Income Tax Return (ITR) is July 31. Experts say that just filing an income tax return is not enough. It is important to file your income tax return correctly; otherwise, it may get rejected. Let us know about 5 such mistakes, due to which it may get rejected.
1. Giving wrong information in the form:
Taxpayers should not give any wrong information in the income tax form. The Income Tax Department has asked the return filers not to make fake claims for expenses and not to show their income as less. The department has said that making exaggerated and fake claims is a punishable offence.
2. Difference in Data of Form 16 and Annual Information Statement (AIS):
Before filing an ITR, it is important to understand the information given in Form 16 and the Annual Information Statement (AIS) properly. This will reduce the chances of wrong information being entered in ITR. Taxpayers should match the data of Form 16 and AIS.
3. Not Submitting the Form by the Deadline:
It is necessary to submit the form before the last date of filing the income tax return. If the form is not submitted on time due to any reason, the return may be rejected.
4. Making Mistakes in Tax Calculation:
There is a possibility of ITR being rejected even if there is a mistake in calculating tax liability. So, taxpayers should calculate their tax liability properly before filing ITR. In case of any problem, taxpayers should seek advice from a tax expert.
5. Not Verifying the Form:
Remember that if you file an income tax return but do not verify it, it will be declared invalid. So, after submitting the income tax return, it is necessary to e-verify it (e-verify ITR). There is a deadline to verify ITR. After filing the ITR, it is necessary to e-verify it within 30 days.
Filing your ITR accurately and on time is essential to avoid penalties and ensure smooth processing. By being aware of and avoiding these common mistakes, one can streamline their tax filing process for AY 2024-25.
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