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Common Mistakes to Avoid While Filing for Income Tax Returns

 

Filing for income tax is a mandatory routine. It should comply with the regulatory rules and principles. If you do it incorrectly, you can come under the scrutiny of the IRS or face penalties. Tax management is tedious, so it is advisable to consult professionals for income tax returns in Kolkata.

ITR or income tax return forms allow the tax authorities to assess how much money you paid as advance tax and how much money is still pending. You can self-assess the income you earn and be committed to not making mistakes. Filing tax returns is mandatory under tax laws. Ensure that you do not fail to do so, or you can land in trouble.

Mistakes Made by People Filing for Income Tax Returns

  1. Incorrect personal details

Every year, the tax authorities reject several tax entries because of incorrect personal details. The tax filings rejections happen for incorrect details, name and bank account number, address, IFSC code, etc. It also causes a delay in the funds. Hence, you should be sure to fill in all the correct details. You can take help from the tax consultants in Kolkata who are experts in this line of service. They have knowledge and training in filling the tax forms with fewer errors. This way, they strive to provide their clients a hassle-free tax filing experience.

  1. Mistakes in claim deduction

Most of us think that the authorities must include the employer’s contribution to EPF. This is while claiming the benefits of sec 80C. But it is incorrect. Only the principal, which is repaid on the housing loan, is eligible for sec 80C. Other deductions are claimed under the wrong heads. This causes their rejection and faults like tax liabilities.

  1. Not filing the return.

Have you decided not to file a tax return at all? If you fail to do so within the stipulated time, you increase your chances of attracting a reminder from the income tax department. Any individual who earns more than the exemption limit should file for an income tax return. The requirement is as follows –

  • Individuals who earn more than Rs 2.5 lakh in a financial year
  • Senior citizens who earn more than ₹ 3 lakh in a given year
  • Super senior citizens who earn more than ₹ 5 lakh every year

Some other conditions are there which make tax filing necessary.  Hence it is better to consult the services for income tax returns in Kolkata.

  1. Using the wrong form

Try to avoid the mistake of submitting the wrong form while filing for tax returns. You wait until the eleventh hour to complete this task. However, you use an incorrect form. The tax consultants in Kolkata strive to help every client perform this duty smoothly. With their knowledge and experience, they complete the process in due time. This leaves scope for no further problems.

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