The deadline for filing income tax returns (ITR) for the financial year 2023-24 (assessment year 2024-25) is approaching, with the last date being July 31, 2024. As many people are now filing their returns, it’s crucial to be mindful of several key points. Neglecting these can result in your return form being rejected and potentially lead to complications. Let’s look at these mistakes in detail.
Avoid These Mistakes
Incomplete or Incorrect Information: Ensure all information is complete and correct when filing your income tax return. This includes verifying personal details, income figures, and deductions claimed. Even minor mistakes can delay the process, lead to rejection, or attract penalties. Double-check all details thoroughly before submitting the return form.
Discrepancies in Income Information: Discrepancies in income information can lead to the rejection of your ITR. If the income declared in your return does not match the income reported by your employer (as shown in Form 16) or other sources, the Income Tax Department may flag it. The department cross-verifies data from various sources such as employers, banks, and investment institutions. Ensure that the income figures in your return are consistent with those reported by these sources to avoid discrepancies.
Incorrect Tax Assessment: Mistakes in tax calculation are a common cause for ITR rejection. It’s essential to accurately determine your tax liability. Errors in calculating taxable income, deductions, exemptions, or tax rates can result in your return being rejected. Always stay updated with the latest tax rules and regulations, as they can change.
Also read: Major Relief Expected in 2024 Budget Under New Income Tax Regime- All You Need to Know
Not Submitting the Form on Time: Timely submission of your ITR is crucial. Each year has a designated deadline for filing ITR forms, and missing this deadline heightens the risk of rejection. Ensure you file your return before the due date to avoid penalties or rejection of your return.
Omitting Signature or Verification: Failing to include a signature or complete verification can lead to major issues. ITR forms typically require physical signatures in designated fields, and electronic verification (e-verification) may also be necessary after submission. Neglecting these steps can result in the rejection of your return.