Common Tax E-filing Mistakes to Avoid in 2017
Saturday, May 27, 2017, 6:00 AM | Leave Comment
The new financial year has already in and if you are yet to file your income tax return, then this might be your last reminder.
The deadline to file income tax return is striking the calendar pretty hard. Thanks to the government for simplifying the steps to e file income tax and making available new ITR forms.
However, many taxpayers still have the tendency to make mistakes while filing their ITR.
In this article, we’ve emphasized on some common mistakes people make while filing ITR, in an effort to make them not to make the same mistakes this time.
There you go:
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Select the Incorrect ITR Form to begin with
Filing Income Tax is taken as declaring your family income to the whole country. Really? All you need to do is select the right ITR form to ensure that you’ve taken the right way. An incorrect ITR form becomes the primary reason for rejection of your returns.
The best way to avoid such a mistake is to read the description column on the official website of the Income Tax Department. Also, make sure you read the form carefully before you start filling it up.
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Carefully fill your Personal Details
You need to file your ITR not just to get your tax credit refund but to get a proof of your legal income. You need to fill in your personal details, such as your full name, bank details, PAN Card details, permanent/correspondence address etc.
Make sure you end up filling in the correct details to ensure that you don’t fail to get your tax credit refund. The right way to do so is to cross-check the information after filling up the ITR form.
In addition, make sure you enter your Mobile no. and Email Address carefully, which is to ensure that you get the OTP on your phone and other mailing correspondence on your mailbox.
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Mention your Tax-exempted Income without fail
There are types of income, which are exempted from income tax. Such incomes include PPF, Capital Gains/equity funds, long-term investments or dividends, etc. This also includes any gift received from any of your blood relatives or agricultural income is exempted from income tax to a certain limit.
You get tax rebate, based on your market investments, such as Mutual Funds, KVP, and more.
Keep in mind that you need to mention all such incomes in your ITR form. If you have any sort of misconception regarding such tax-exempted income disclosure, you might get into serious trouble.
Makes sure you don’t hide your income from any undisclosed source to avoid any legal trouble in the future.
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Mention Interest earned from any source
The interest you earn from your bank savings account is exempted from income tax under section 80TTA of the Income Tax Act.
However, the same does not apply to the interest earned on a fixed deposit or recurring deposits. So, don’t confuse between your bank savings account and a fixed deposit or recurring deposit with a bank.
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Intimate the CPC office after e-filing ITR
You need to take a printout of your ITR-V form and send its signed copy to the CPC office through an email, once you are done with e-filing income tax return.
You have a time frame of 120 days for intimating the CPC office after e-filing your ITR. Once your ITR-V is received, your online tax filing is complete and regarded.
