ITR Deadline Is Coming! Avoid THESE 5 Mistakes To Save Your ITR Form Submission

As the ITR deadline is approaching, many taxpayers must be rushing to complete their pending tax and submit income tax return (ITR) form. While filing ITR may look like a routine task, but even small mistakes can lead to hefty penalties. Here are five mistakes to avoid while filing ITR.

Top 5 Mistakes To Avoid While Filing ITR

Filing ITR is a tricky task as not disclosing proper income, missing out on mandatory details, and information mismatch can lead to hefty penalties or delayed refunds. Here are all the details about ITR related mistakes.

Missing The Deadline

If you are thinking that it is too late to file ITR and there is no harm in filing ITR after deadline you are wrong. Under Section 234F of the Income Tax Act, taxpayers who fail to file ITR before the deadline can end up paying a late fee of Rs 5,000. In case the total income of the taxpayer does not exceed Rs 5 lakh, the late filing fee can reduce to Rs 1,000.

Under-Reporting Income

Under reporting income can also attract penalty under Section 270A. If the taxpayer is under reporting the income, then they will have to pay penalty equal to 50% of the tax payable on the under-reported amount. There is also penalty for incorrect claims related to deductions, false entries, misreporting income, etc.

Late TDS Filing

Taxpayers can also face difficulty on filing TDS or TCS statements late. Doing so would cost them penalty. Under Section 271B, failing to audit accounts can also attract penalty of up to 0.5% of the turnover or gross receipts, subject to a maximum of Rs 1.5 lakh.

Mismatch in Details

If there will be any mismatch in details, taxpayers are required to get their accounts audited. The mismatch with AIS and Form 26AS can also lead to difficulties and may even attract notice from IT department.

Choosing The Wrong ITR Form

Filing ITR is an important task, and choosing the wrong ITR form can cause significant trouble. Incorrect iTR form may render the return defective and can even delay processing. Additionally, failing to properly compare the old and new tax regimes may lead to missing out on opportunity to save money.

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