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Home FINANCE Avoid these 8 mistakes while filing Income Tax Return

Avoid these 8 mistakes while filing Income Tax Return

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Avoid these 8 mistakes while filing Income Tax Return
Avoid these 8 mistakes while filing Income Tax Return

ITR Filing Last Date: Check your Form 26AS and Annual Information Statement (AIS) on the tax portal. Ensure that all income, TDS and TCS payments are mentioned.

If you are planning to file your tax return yourself, make sure you understand the nuances of the tax rules. You should also be aware of all the deductions and exemptions available to you. Many self-filing taxpayers make mistakes on their returns. Due to which he gets a notice from the tax department.

Let us take a look at eight common mistakes you need to keep in mind while filing ITR –

Form 26AS and AIS not getting verified

Check your Form 26AS and Annual Information Statement (AIS) on the tax portal. Ensure that all income, TDS and TCS payments are mentioned. Don’t forget to report income from interest, dividends and capital gains on stocks and funds not included in

‘ Other Income’ . These incomes are mentioned in AIS, so they will not remain hidden from the tax department. Capital gains and losses not included There is no need for bulky paperwork to calculate your capital gains. Check with your broker and mutual fund clearing house for capital gains details. discount is missing

You are eligible for deduction on savings bank interest up to Rs 10,000 under section 80TTA. Senior citizens get an additional deduction of Rs 50,000 under section 80TTB.

Non-reporting of foreign income and assets

All foreign assets must be reported in the tax return. These include shares of foreign companies, income from foreign companies and even small amounts lying in foreign bank accounts.

Not reporting losses

Losses from investments (funds, stocks, F&O) can be set off against other gains if reported in the tax return. Unadjusted losses can be carried forward up to eight financial years. Missing

Deductible Expenses

Health check-up is eligible for a tax deduction of up to Rs 5,000 under section 80D. Medical expenses of senior citizens are also deductible. Tax deductions are also available on certain diseases and disabilities. Avoiding

clubbing Income from investments in the name of a child below 18 years is clubbed with the income of the parent. Income from money gifted to the spouse should also be clubbed with the income of the donor.

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