financial services · Income Tax · income tax return ·

Common Mistakes You must avoid while filing ITR

Ever individual who earns income is supposed to pay Income Tax to the Government of India. With Income Tax season around the corner, you must be gearing up to file your Income Tax Returns. Before you file your returns, you must know about the common mistakes that people make while filing their Income Tax Returns.

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Here are some of the common mistakes that taxpayers make while filing their Income Tax Returns: –

  • The first and foremost thing that a taxpayer should keep in mind while filing returns is to fill in the personal details correctly. The personal details include, Aadhar Card no, PAN and appropriate ITR Form. The most common mistake what people make us while filling in the above-mentioned details.
  • Know you belong to which category of the taxpayers according to the Income Tax Department and then accordingly you will have to choose the right ITR Form that is most suitable for you. Many a times taxpayers get confused and choose the wrong ITR Form, try avoiding that.
  • Know all your investments and for which deductions you can claim a deduction under various sections of Income Tax Act, 1961. If you have claimed a deduction that you are not eligible of, you will be subjected to penalty, if Income Tax Department finds about it. So, try to claim the deductions you are eligible for.

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