These 7 mistakes can get you heavy when filing an income tax return, the income tax department may send a notice

 These 7 mistakes can get you heavy when filing an income tax return, the income tax department may send a notice

The ITR for the financial year 2018-19 and 2019-20 can be filed till November 30

Provide accurate information about your income

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The central government has extended the deadline for filing income tax returns for the financial year 2018-19 to September 30, giving relief to the taxpayers. If you have not yet filed a return, fill it out as soon as possible. But keep in mind that some mistakes are inadvertently made while filing the return. The cost of these errors can be huge. In such a case you should be careful while hiring ITR. CA Abhay Sharma (Former Chairman Indore Chartered Accountant) has given some tips to keep in mind while filing an income tax return.

Select the correct ITR form

The Income Tax Department has issued several ITR forms. You need to choose your ITR form carefully based on your sources of income. Otherwise the Income Tax Department may reject it and you will be asked to file a revised return under Section 139 (5) of the Income Tax Act.

Provide accurate information about income

Always provide accurate information about your income. You may receive a notice from the income tax department if you do not intentionally or accidentally disclose all sources of your income. Information such as interest on savings account and income from house rent will also have to be given. This is because income is also taxable.

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Do not fill in false information to get tax exemption

There are several columns in the ITR form where the details of exemption on agricultural income, dividends, long term capital gains have to be given in a separate column. Provide information on properly exempt income and tax free income here. People take the help of fake exemptions to avoid taxes. If you have shown a fake waiver in your ITR, you can come to the notice of the Income Tax Department at any time and you may be prosecuted.

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Download the Form 26AS form and match your income with it

Form 26AS or tax credit statement gives all the information about the payment of TDS deducted on your income. Check it once before claiming a tax refund. The taxpayer is asked to match the income with Form 26AS and Form 16 / 16A before filing the income tax return. It will save you from any kind of error in tax calculation. So, you will be able to file a proper tax return.

Verify the tax return

Many people feel that their job is done after filing a tax return. But you have to check it once you file the tax return. You can e-verify your tax return from your income tax e-filing portal or by sending it to CPC-Bengaluru.

Provide personal information correctly

Read Report

Fill in all your correct information in the ITR form. Keep in mind that information like spelling of your name, full address, e-mail, contact number must be the same in your page, ITR and base. Enter the same mobile number that can receive SMS. There will be a problem getting a refund if you provide incorrect information.

Do not delay filing an income tax refund

Taxpayers often forget to file ITR on time. It takes more time to file an ITR. So, don’t try to fill it in at the last minute. File a timely return. So, you don't have to pay fines later.