Top 5 common mistakes to avoid while filing your income tax returns

Here is a list of things to help you sail through

 

 

With the due date of July 31 fast approaching, it is that time of the year again when the taxpayers need to file their I-T returns. After all, filing of tax return is compulsory for everyone whose gross total income exceeds the basic exemption limit. The basic exemption limit for individuals is Rs 2.5 lakhs and for senior citizens, it is Rs 3 lakhs.

 

So, if your income exceeds this limit, you need to file the tax return by the due date. eFiling of tax return requires caution to avoid mistakes. Keeping in mind few things can make your tax filing a breeze.

 

Here is a list of things to help you sail through:

• Choose the right ITR Form applicable
• Claim all the Deductions
• List all sources of income including Interest Income
• Reporting all bank accounts
  Report Exempt Income

E – Verify your return or send the ITR V acknowledgement on time - 

The process of filing return does not get completed till the returns are verified. The govt gives you the option of either sending the ITR V acknowledgement within 120 days of filing the return to their office or you can e -verify your returns online also. If you e – verify the returns online, then there is no need to send the .....(read more...)