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It has been observed that many times while filling Income tax returns assess makes some common error or mistake. Let’s look and understand such issues and make sure that such errors or mistakes are avoided while filling income tax return.

1. Financial Year (FY) and Assessment Year (AY) are different. Make sure you enter correct AY while filling details in your ITR. So for e.g., financial year 2017-18, the Assessment year is 2018-19.

2. As discussed earlier, make sure you use the correct ITR form 1 or 2 as applicable in your case. It is very important to file the correct for otherwise, even if you file your income tax return in time, the tax authority will not process the same due to incorrect form selection.

3. Make sure all your personal information is provided accurately. Once your ITR is ready check that the PAN card number, Adhaar card details, email id and mobile numbers etc. are correctly entered. Since email communications are now used commonly by IT authority, make sure it is entered correctly otherwise any future communication from IT department will be lost.

4. Enter all your source of income under correct head, be it Salary income, Income from house property, Capital gain etc. Many times individual misses out to disclose certain income like bank interest, short term long term gain from shares and mutual funds etc. So make sure all sources of income are covered while adding gross total income. Any failure to disclose correct gross income may lead to penalty and other prosecution as per Income Tax Act.

5. Most importantly cross check TDS details with Form 26AS. Any mis-match in your ITR and Form 26AS may result in denying tax refund.

6. Once ITR is filed and ITR V is received from IT department, send your signed acknowledgement copy to IT department within the stipulated time period of 120 days through ordinary post and not through courier for verification if e-verification is not done.

7. Verify and check the legitimate deductions and rebates under Sec. 80C etc. before filling return. Keep acknowledgment and copies of all the rebates and deduction that you are seeking in your Income tax return.

8. If the tax payer is required to pay Advance Tax or Self Assessment Tax, than the same should be paid on time and need to be disclosed in the Income tax return clearly.

9. Meet the deadline for filling income tax return in any case. If you fail to file your tax return in time and file the same late than you can not file revised return.

10. If you have filed your Income tax return online without your digital signature, make sure you send across the acknowledgment, ITR V within 120 days of filling your ITR to IT department.

In any case if an individual finds it difficult to file his or her income tax returns are there are certain logistical or infrastructure issues while filling income tax return online than he or she can take advise and help of their income tax consultant or chartered accountant. That will not only help to smoothly file the tax return but also avoid the above mentioned mistakes or errors.

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Author Bio

Elearnmarkets.com is a young vibrant company established with the vision of taking online financial education to a new level, both in India and abroad. Guided by our mission of spreading financial literacy, we are constantly experimenting with new education methodologies and technologies to make fin View Full Profile

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3 Comments

  1. S.K.Agarwal says:

    Yes, the form 26AS have been updated in June this year since the last qtr. TDS are finalized by many companies up to May end.
    You always have the option to file revised return before the deadline of July 31 without any problem/penalty.

  2. GANDHI MOHAN BHARATI says:

    Personal Details like,Name, Aadhaar (which also happens to be linked), PAN, DOB, Address, Phone Numbers, email address etc., are already available in Profile which the efiling web site forced to update.
    WHY REPEATEDLY MAKE US FILL IN AND MAKE MISTAKES ? THEY CAN AUTO FILL WITH ONLY AN OPTION TO CORRECT IT THROUGH PROFILE SETTINGS.
    Similarly TDS as avilable in 26AS can be Auto Filled to avoid mismatch. After all the IT Department asks the Assessees to approach the Deductor to rectify. They can atleast give auto credit to what is available on 26AS so that mismatch does not arise by typo error.

  3. MANOJ BHATIA says:

    Sir

    I filed my return in ITR 1 on May 2018 for AY 2018-19
    At the time of filing my 26AS was showing advance tax deducted as Rs 1570 Now the IT department processed it and refunded an amount of Rs 1600 in end of June 2018. Now when I see the 26AS again I find some entries have been done by the bank and amount showing is 3400/- can the bank do the entries after april or will the additional amount refunded the next year or I have to file a revised ITR. Regards Manoj Bhatia Gurgaon

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