Some Stupid Mistakes While Filing Income Tax Return

Some Stupid Mistakes While Filing Income Tax Return  While filing Income Tax Return there is always a possibility of committing some stupid mistakes by any individual. Mistakes can be done by any tax payer as they are always in a hurry to file their return when the due date approaches. Mistakes should be rectified in order to avoid payment of penalty and interest and the tax payer should be more vigilant while filing Income Tax Return. Tax Mantra with its experience, has noticed many of the stupid mistakes made by the taxpayers while filing income tax return. Some of the stupid mistakes done by the assesses are as under – 1.  Choosing the wrong Form – The most common mistake which an assessee commits is choosing of wrong form for filing income tax return. Various Income Tax Return Forms are notified by the IT department for filing income tax return. Selecting a correct form is very essential for proper filing of income tax return. 2.  TAN no. not entered correctly – In respect of tax deducted at source (TDS), it is mandatorily required to furnish the TAN no. of the deductor. If the TAN no. of the employer is not correctly entered or wrongly provided then you will not get the credit of your tax deducted. 3.  Providing  incorrect basic details – The basic details in respect of PAN No., address, contact no, date of birth etc are sometimes not provided properly by the tax payer. Any wrong personal information will lead to delay in processing of income tax returns by the Department. 4.  Providing wrong Jurisdiction – If the tax payer provides wrong jurisdiction which is obtained from the Income Tax Site through the PAN of the assessee then delay is caused in processing of income tax returns or your return may be rejected by the Department.  One should be careful while providing proper jurisdiction to avoid rejection or delay in filing of returns. 5.  Failure to sign the return – Signing is a vital requirement to be undertaken by an assessee. Generally, assessees are in a hurry to file income tax return and they forget to sign & submit the ITR in case of manual filing and ITR V in case of online filing of income tax return without DSC. This may lead to rejection of the ITR Filed. 6.  Choosing wrong status – Filing income tax return under wrong status can create a big impact on the type of deductions you would receive on tax return. Choosing the correct status is crucial in order to claim standard deductions. 7.  Giving wrong Bank details – Providing wrong or inaccurate bank details i.e. wrong account no, MICR code or other relevant details will enable you to claim refund. The Department will not be liable for any mistakes made in providing details in respect of bank account or MICR code. 8.  Not filing in time – Another stupid mistake made by most of the assessee is delay in filing of income tax return. The due date passes by and thus leads to interest and penalty on assesses. Assessee should be vigilant at the time of filing return on time.

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