ITR Filling: Income Tax Return The deadline for filing is getting closer. The last date for filing Income Tax Return (ITR) without late fee for the financial year 2023-24 (assessment year 2024-25) is 31 July 2024. In such a situation, many people are filing their returns. If you are also going to file your return, then take special care of some things. If you are not careful, your return form may be canceled and you may get into trouble.
Incomplete or incorrect information
This ranges from typing mistakes in personal details to mistakes in income figures or deductions claimed. Verify all the information thoroughly before submitting the return form. Providing incorrect information may delay the process, get your application rejected or attract penalties.
Difference in income information
The Income Tax Department may reject your ITR if there is a difference between the income declared in your return and the income declared by your employer (as shown in Form 16) or other sources of income. This difference arises because the department receives data from multiple sources such as employers, banks and investment institutions.
Wrong tax assessment
Incorrect calculation of tax is a major reason for ITR rejection. Accurate calculation of your tax liability is important for your ITR. Errors in calculating taxable income, deductions, exemptions or tax rates can lead to rejection. It is important to follow the latest tax rules and regulations, as they are subject to change.
Submit the form on time
It is very important to submit your ITR before the deadline. Every year, there is a specific filing deadline for ITR forms. Missing this deadline increases the chances of rejection. Make sure you file your return before the due date. Missing the deadline may attract a penalty or your return may get rejected.
Does not include signature or verification
Not including a signature or verification can cause significant problems. ITR forms usually require physical signatures in specified fields. Additionally, electronic verification (e-verification) may be required after submission. Failure to complete any of these steps may result in your return being rejected.
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