ITR Filing 2024: These Top Mistakes People Make While Filing ITR Form; Don’t Do it!

Making mistakes while filing your ITR form is common. But these mistakes can lead to penalties and other problems. Let us know about the mistakes people make while filing their ITR forms and also know the tips to avoid them.

1. Wrong Selection of ITR Form: There are so many types of taxpayers such as salaried individuals, business owners and more. For each type of taxpayer, the ITR Form is different. So you have to choose your ITR form accordingly as a wrong selection can result in the rejection of your return.

2. Filing Wrong Personal Information: It is important for you to provide proper and correct personal information. Any mistakes in address, PAN number or email will cause a delay in your ITR processing. Keep in mind to Double-check your personal information before the submission of ITR.

3. Not Providing Full Disclosure: You will be penalised if you fail to disclose all sources of income. Make sure to provide all the information properly without hiding anything.

4. Having Difference in TDS and Income Amounts: The income you have given in your ITR should match properly with the Tax Deducted at Source. Make sure to match both and verify your TDS certificates and Form 26AS.

5. Late Filing and Non-Verification: If you do not file your ITR on time it will lead to penalties or even render it invalid. Or, late filing or filing after the due date will impose late fees. Do file your ITR on time and verify your return before the due date.

6. Wrong Bank Details: Your income tax refunds will be delayed if you have provided the wrong bank details. Make sure to give accurate account numbers and IFSC codes to avoid any problems.

7. Not Filing Schedule FSI: It is important for you to fill Schedule FSI (Foreign Source Income), if you have any foreign income, otherwise, it will lead to incorrect tax calculation and you will be penalised. It is compulsory to disclose your foreign income.

8. Mistakes in Carry Forward: Do write your previous carry forward recordings correctly. If you make any mistake in entries then it will affect your tax liability.

9. Ignoring Schedule AL: You must fill Schedule AL (Assets and Liabilities) if you’re earning a high income or income of more than Rs.50 Lakh. You will be penalized if you ignore this schedule in the ITR.

10. Mistakes in Tax Deductions Claim: Make sure to claim the deduction you are eligible for while providing the correct details to claim them. Claiming incorrect tax deductions can lead to problems.

11. Not being able to differentiate between LTCG and STCG: The taxation of both Long term capital gains (LTCG) and Short term capital gains (STCG) are different. You have to classify and report them correctly to avoid any problems in your tax calculation.

Filing your ITR correctly will save you from many issues. Avoid making these mistakes mentioned above. This will help you to make your ITR filing process easy and without any hurdles. Even, if you made mistakes and submitted your ITR, you still have a chance to correct it till 31st December via filing ITR-U with late fees.