What are the common mistakes one should avoid while e-filing ITR? Here is your guide!
The deadline for filing the Income Tax Return is approaching fast with only 10 days left for you to file your ITR. With weekdays spent in office, many of the taxpayers sit on weekends to file ITR online.
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With the last date being July 31, a lot of taxpayers would be filing their ITRs on Saturday and Sunday.
The process of filing income tax returns has been made extremely easy with taxpayers only required to fill the details of the income and the rest is taken care of by the software. However, there are still some mistakes while e-filing ITR which can cost you dearly.
What are the common mistakes one should avoid while e-filing ITR? Vishvajit Sonagara, Founder & CEO, Quicko.com shares his inputs with Zee Business.
Get basic details right
It is important that you mention basic details such as PAN, Personal Information, e-mail ID, bank account number and IFSC code correctly. People often make inadvertent mistakes while entering the most basic details. Carefully enter the name, date of birth, address, email address and contact number and make these are same as in your Aadhaar and PAN records.
List all sources of Income
One of the most common mistakes taxpayers make is leaving out the details of incomes which are exempt. But you have to report all types of incomes whether they are taxable or exempt. Some of the examples are the sale of shares or mutual fund units, interest earned on a savings account or fixed deposit, etc. Failing to mention all sources of incomes in your ITR amounts to concealment of income.
Verify your ITR
Just e-Filing your ITR is not enough. After you have filled out all the details and submitted the return, verification is required. Once you submit the return, you will receive ITR-V on your registered email address. If the return is filed online, without the Aadhaar number or digital signature, you will have to verify your return post-e-Filing.
There are two ways to verify your ITR-
1- Send a physical signed copy of ITR-V to the CPC (Centralized Processing Center) at Bengaluru within 120 days from the date of filing return
2- you CAN simply e-Verify your income from the ease of your home/office. There are several ways to e-Verify your ITR.
The Income Tax Department lists all the ways to e-verify your ITR here.