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8 Common Income Tax Return Mistakes To Avoid In 2016
Individuals these days are taking charge of filing their own returns instead of seeking help from a tax professional or tax consultants. If the filing is not done with proper care one can end up receiving notice from the tax department or may end-up losing tax refunds.
Here are 8 common mistakes to avoid while filing a tax return for this year.
1) Incorrect personal details
One should make sure and edit the personal details incase of any change in phone number or contact address. In the case of tax refund, the refund cheque will be sent to your mailing address. Make sure you have the correct name, date of birth, PAN card details.
2) Wrong Bank details
As the return would be refunded to your mentioned bank account or one with SBI account. Make sure your account is active and better to activate notification from banks in case of any updates.
3) Errors while calculating
There can be errors in calculating tax credits or deductions. Make sure you go through form 26AS many times to avoid any confusion.
4) Old ITR Forms
For 2016, the tax department has set new ITR forms with few changes. Individuals should take care and cross check before filing returns on the right form.
5) TDS deduction
Many individuals check the bank's statement and consider it as income, not considering the fact that the receipts are after deduction of TDS.
6) Claiming deductions under wrong heads
If the deductions are claimed under wrong heads it will lead to rejections and consequently there maybe a tax liability.
7) Check for any penalty
Taxpayers are required to calculate the tax liability and pay Advance tax or self-assessment tax before the year end, ie, March 31. Eligible tax payers who fail to do so will attract a penalty of 1% per month from 01 April next financial year.
So, while filing returns one needs to check if there is any penalty or any outstanding amount.
8) Not validating ITR
The process is not complete unless your return is verified and validated. Now, taxpayers can verify the tax return online with a one-time password called as electronic verification Code which will replace the sending of paper acknowledgment to the CPC Bangalore.
