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Mistakes To Avoid When Filing Your Itr
Total Articles: 7
Who likes to pay their hard earned money to taxes? But it is a vital element for smooth functioning of society and to comply with legal regulations. Needless to say, taxes are one of the most boring and mundane tasks that one has to deal with, especially if you are planning to do your own tax returns. It is suggested to hire a CA for income tax return filing so that you do not make the following mistakes:
Filling in wrong personal details
A myriad of returns get rejected each year for wrong personal details like bank account number, IFSC code and even name. This causes a delay in returns and hence it is important to be sure of filling the right details.
Picking the wrong form
There are no doubts that taxes are confusing, and one of the biggest confusion is picking out a wrong form. There are seven different forms and picking the wrong one may lead to a failure in filing ITR
Not including certain income
If you are not aware, an interest gained from saving account bank deposits and fixed account deposits are considered to be taxable incomes. While it is the bank that deducts TDS, you must mention the same in your ITR.
Mistakes in making a claim in deduction under section 80c
Most of us think that an EPF must be included in claiming the benefits of section 80C. This, however, is not true. Similarly, in terms of home loans, only the principal amount is eligible for section 80c. people fall in the trap of making claims under wrong heads which leads to rejection and delays unnecessarily.
Not being updated of tax rule changes
The rules of taxation change every year and it is important to be aware of such changes. If you have filed as per the old rule, your ITR may be considered as a failure.
Not sending your ITR-V for submission
Merely filing your returns online does not imply your job is done, it is important that you keep in mind that ITR – V must also be sent to income tax department.
These are some common mistakes that can be taken care of by hiring a CA for your business. That is not all, a reputed CA company can help you with audit services in Delhi and GST Registrations in India.
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