Missing the deadline is one of the most frequent mistakes. For AY 2024-25, the due date is July 31, 2024 for individuals
Errors in personal details such as pan number, name, address, or bank account informaton can lead to complications in processing your return
Choosing the wrong ITR form can lead to rejection of your return. There are different ITR forms for various types of taxpayers and income
It is essential to report all sources of income, including interest from savings accouts, fixed deposits, rental income, and any other income
Claiming deductions incorrectly is a common error. Make sure you are aware of the deductions available under sections like 80C, 80D, 80G, etc., and claim only what you are eligible or
After filing the ITR, it is crucial to verify it within the stipulated time frame. An unverified return is considered invalid. You can verify your ITR electronically through methods like Aadhar OTP and net banking
If your total tax liability exceeds Rs 10,000 in a financial year, you are required to psay advance tax. Failure to do so can result in interest penalties under sections 234B and 234C
Calculating capital gains, especially for properties and investments, can be complex. Ensure you consider the cost of acquisition, cost of improvement, and indexation benefits accurately
Maintain thorough records of all income, deductions and tax payments for atleast six years. This documentation is crucial in case of any scrutiny or reassessment by the tax authorities