03 July, 2015

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5 Silly Mistakes to be Avoided in Filing of ITR

Now, the Income tax return filing has started picking up the pace for AY 2015-16. You may be filing this online and such filing may be prone to some silly mistakes. Here are five silly mistakes that you must avoid.

1) Mistake in Bank Details - Tax payers often make silly mistakes while putting the IFS code of their bank branch. Refunds are no longer issued via cheques, and only through ECS. Therefore, it's essential to ensure you submit the correct bank details, like the 9 digit account number. Also, ensure that the bank account you've mentioned on the form is an active account. From this year, you have to mention all operational savings and current accounts held in your name.


2) Pick the Correct ITR Form :- Understand thoroughly what ITR is applicable to you and only proceed once confirmed.

3) Multiple Form 16 must have single ITR :- If you have changed the Job and have therefore received multiple Form 16, still the ITR to be filed for the year is single ITR only. One needs to be aware.

4) Head of Income :- Choose correct head of Income for the income disclosed. All heads of income must be disclosed even where the TDS is deducted by the deductor.

5) Filing Physical ITR-V :- If not digitally signed, the acknowledgement copy of ITR must be filed in physical. One needs to close the complete loop of process.

 

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