ITR Filing for FY 2023-24: Avoid These Mistakes
Filing your income tax return (ITR) for the first time? Be cautious to avoid mistakes that could trigger a notice from the Income Tax Department.
Key Mistakes to Avoid:
Incorrect Personal Information: Ensure your name, PAN details, and bank account information are accurate. Errors here can lead to complications.
Wrong ITR Form: Select the correct ITR form for your situation. Using the wrong form can result in fines.
Incomplete Income Disclosure: Disclose all sources of income including salary, interest, rental income, and capital gains. Omitting any income can attract penalties.
TDS Credit Verification: Verify the Tax Deducted at Source (TDS) details from Form 16/16A provided by your employer. Filing without checking TDS credit can lead to discrepancies and notices.
Timely Filing: Submit your ITR before the deadline. Late filing can result in fines. Don’t wait until the last moment.
Accurate Income Reporting: Report your actual income accurately. Underreporting income can trigger a notice from the Income Tax Department.
Expert Advice
CA Amit Bansal, Partner – Direct Tax at Singhania & Co., stresses the importance of accuracy: ‘Incorrect details or missing income disclosures can lead to significant issues, including fines and notices. Ensure all information is correct and complete.’
By avoiding these common mistakes, you can ensure a smoother ITR filing process and steer clear of unnecessary notices from the tax authorities. Stay informed and diligent to keep your tax filing hassle-free.
