Everyone need to file income tax returns (ITR) every year. The e-filing process is fairly simple and smooth now, even too many of us still make mistakes. Don't commit silly mistakes and delay your application.
Here is a list of five last-minute tax-filing mistakes to avoid.
Forgetting to sign is a most common tax mistake. Forgetting to sign the form makes your return invalid. So double-check —that you signed or completed the e-signature process before filing your return.
Math errors are also a very common mistake made by people. One way to help you avoid math errors is to file electronically so the calculations are done for you.
Claim exemptions twice
This is a very common mistake. People who jumped from one job to another make this mistake commonly. People may enter income exemptions two times. You must be very careful in filling details of the income from multiple employers so that there is no discrepancy in the records of the IT department.
Not reporting income of a minor
Sometimes parents forgot to report income of their children. If you have any investments in your child's name who is a minor, you must club the income earned in his or her name with yours, while filing income tax returns.
Whatever you do, make sure you file your taxes. Unpaid taxes can have serious consequences on your personal finances, including your credit scores if they go unpaid long enough.