Five Mistakes You Should Avoid While Filing Your IT Returns

The last date for filing of Income Tax Returns (ITRs) for the financial year 2016-17 is 5 August.

Updated31 Jul 2017, 09:51 AM IST
Business
2 min read

The last date for filing of Income Tax Returns (ITRs) for the financial year 2016-17 has been extended to 5 August.

Given that the last date for filing the returns is near, here are some of the mistakes you should avoid making while filing your returns.

Mistakes You Can Avoid While Filing Your Returns

Given that the last date for filing the returns is 31 July, here are some of the mistakes you should avoid making while filing your returns.

1. Mistakes in filling your personal details

The personal details you need to fill in while filing your returns include your name, address, PAN number, Aadhaar card number, amount of deducted tax and details of your bank account. It’s a common mistake to get these wrong, especially if you are in a hurry.

2. Filing using the wrong form

It’s a common mistake that while filing your IT returns, the wrong form is selected. Make sure that you are extra careful of the type of form you are filing, else it will be considered invalid. For example, if you are a businessman, you need to fill either ITR 3 or ITR 4. Be careful of not filling the wrong one.

3. Ignoring form 26AS

While filing your form 16 and form 16A, it’s also important to fill form 26A. This form allows you to know whether you have paid more tax than you should have and how you can claim a refund. You can find the form on the income tax website.

4. Not disclosing your exact income

This is also a common mistake that people make. You need to disclose the interest on your PPF, dividend or any long-term capital gains. Even if you don’t have to pay tax on these sources of incomes, you need to declare them.

5. Not getting your ITR-V verified

After filing your return, you need to put your digital signature on it. If you haven’t registered for your digital signature, you have to sign on your ITR-V form and send it to the Centralised Processing Centre (CPC) in Bengaluru. You can do this within 120 days of filing your returns.

Remember, without e-verifying your ITR, the process of filing your returns will not be completed.

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Published: 31 Jul 2017, 05:13 AM IST
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