Only a few days are left to file the income tax return. If you too are preparing to file your income tax return, make sure you have gathered all the necessary documents before filing the return!
What often happens is that income tax payers make some mistakes while filing returns at some places. Make sure you don't make these mistakes. For that, what should be careful about…
Writing wrong name, address
This is also an important mistake. While filing income tax return it is necessary to write details like name, address and Aadhaar card number very accurately. There remains some minor mistake and people give the same wrong details. So write name, address, tax amount, bank account number and other details carefully and double check. A minor mistake can cause you to miss out on an income tax refund. If a mistake is noticed after you file the return, the Income Tax department gives you an opportunity to make corrections.
Not claiming deduction
Section 80C of the Income Tax Act provides for tax relief on various types of investments. You get tax rebate on your investments in PPF, Insurance, ELSS up to Rs.1.5 Lakhs. Hence enter whatever deductions there are in the ITR. If the details of deductions are not given at the time of filing the return itself, then they are not admissible.
Declare all sources of income
Declare financial income from all sources. One of them may be exempt from income tax. Also note the money received from the lottery or selling the house. There is often a misconception that fixed deposits and recurring deposits are tax free.
Fill the form on time
While e-filing income tax return you are asked to digitally sign the return. If you don't have a digital signature, one option is to get the ITR 5 duly signed and sent to the Centralized Processing Center (CPC) in Bangalore. Send by post or speed post within 120 days of filing ITR 5 return. Another option is that you should e-verify your return online within the above deadline. If not, you will be treated as not having filed the return. So don't make the mistake of not verifying ITR 5.
Just not declaring taxable income
Taxpayers often make the mistake of filling gross income instead of taxable income while filing income tax returns. This mess happens in Form 16A. This mistake results from confusion between taxable income and gross income. To avoid this mistake write only the income mentioned in column 6 of 16A.
No verification of Form 26 AS
The mistake of not verifying Form 26 AS is often made. Give your PAN number correctly to whoever deducts tax from your source of income (i.e. employer or anyone else). If the TAN or PAN details are incorrect in your employer's form (Form 16A), you will not get the benefit of TDS accrual. Hence verify Form 26 AS. From it, it is understood whether the tax has been collected by the government or not.
