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ITR Filing Errors: The season to file Income Tax Return has arrived! For the assessment year 2023-24 i.e. for the financial year 2022-23, it is mandatory for every salaried person coming in the income tax slab to file an income tax return! You should complete this work before 31 July 2023. The Income Tax Department has issued a total of three types of forms according to the needs of different people. These are ITR Form-1, ITR Form-2, and ITI-4. At the same time, you can also file ITR through Form 16. It is important to keep some things in mind while filing an income tax return, otherwise, you can get an income tax notice for small negligence.
ITR Filing Errors: The season to file Income Tax Return has arrived! For the assessment year 2023-24 i.e. for the financial year 2022-23, it is mandatory for every salaried person coming in the income tax slab to file an income tax return! You should complete this work before 31 July 2023. The Income Tax Department has issued a total of three types of forms according to the needs of different people. These are ITR Form-1, ITR Form-2, and ITI-4. At the same time, you can also file ITR through Form 16. It is important to keep some things in mind while filing an income tax return, otherwise, you can get an income tax notice for small negligence.
ITR Filing Errors
1. Not selecting the correct ITR form
2. Non-verification of Form 16 and Form 26AS
3. Filing ITR at the last moment
4. Non-disclosure of earnings as interest
5. Information about income from the previous employer
6. Non-disclosure of capital gains
7. Giving wrong bank information
ITR Filing Errors
ITR Filing Errors
ITR Filing Errors
1. Not selecting the correct ITR form
Income tax forms should always be selected on the basis of your earning, through income, and on the basis of taxable income. According to experts, forms from ITR-1 to ITR-4 are generally for individual taxpayers. If your income is less than 50 lakh rupees annually then you should fill out Income Tax Form-1. This income also includes earnings from bank FDs and other investments up to Rs 5 lakh.
If you do not choose the right income tax form, then you may have to face problems later. The Income Tax Department does not accept such forms and you will have to fill and submit the correct form again within 15 days. On the other hand, for repeated mistakes, you may have to pay an income tax notice and penalty.
2. Non-verification of Form 16 and Form 26AS
Before filing an Income Tax Return, you must check Form 26AS and Annual Information Statement (AIS). In this, you will get complete information about TDS. After this, you match it with Form 16. If you find TDS-related errors in both forms then contact your bank immediately.
3. Filing ITR at the last moment
Many times people submit Income Tax returns on the last date. In such a situation, due to haste, many times forget to give some important information. Because of this, you may have to face an income tax notice in this case. In such a situation, you can easily complete this work in no time. After this, you will not have any kind of problem. You can file ITR for FY 2022-23 till December 31, 2023, but for this, you may have to pay a late fee ranging from Rs 1,000 to Rs 5,000.
4. Non-disclosure of earnings as interest
Many times taxpayers forget to give information about the interest rate received from the amount invested in banks and post offices while filling the income tax return. Because of this, they may have to face trouble later. In this case, cross-check Form 26S and AIS before submitting the form.
5. Information about income from the previous employer
More care should be taken while filing ITR after changing jobs. If you have changed jobs in FY 2023, then along with your current employer, take Form 16 from the old employer as well. With this, you will get the account and TDS of your old job. After this, you will not have to face problems like income tax notices.
6. Non-disclosure of capital gains
It is worth noting that you will have to pay a 15% tax on the income from any share or mutual fund i.e. capital gain. In such a situation, it is necessary that the account of this income should be given in the ITR in the financial year 2023. On the other hand, you will have to pay tax at the rate of 20% on long-term gains.
7. Giving wrong bank information
There is a need to take special care of bank details while filing an Income Tax Return (ITR File). Many times people are not able to fill in the bank details correctly. Because of this, they may have to face income tax notices later. Make sure that you enter the correct IFSC code along with your bank account number.
