By: Tradeudhaar.com
Ensure all personal details like name, PAN, and contact information are accurate to avoid processing delays or errors.
Avoid underreporting or omitting any income, including interest, rental income, or freelance earnings, as it can lead to penalties and legal issues.
Selecting an incorrect ITR form for your income sources can result in discrepancies and possibly trigger an audit. Double-check the form requirement based on your financial activities.
Failure to claim eligible deductions such as investments, medical expenses, or home loan interest can increase tax liability unnecessarily.
Overlooking Form 26AS, which summarises tax deducted at source (TDS) and tax collected at source (TCS), can lead to discrepancies.
Missing or incomplete documentation can lead to delays or rejection of your ITR. Maintain records of all financial transactions, including receipts, invoices, and proofs of investment, to support your claims.
Failing to invest in tax-saving instruments before the end of the financial year can result in higher tax outflow. Plan investments strategically to optimise tax benefits and reduce your overall tax liability.