Avoid these Basic Mistakes in Filing Return of Income

Here I am collecting some basic mistakes found while filing the Return of Income in Electronic Mode. These are listed one by one.

1.      Selection of correct type of Form-As there are VII types of ITR forms available on Income Tax website. Be careful while choosing the type of form for yourself.

a.)    Type of forms

i.)                ITR 1- for those have salaried, house property and Interest Incomes

ii.)              ITR 2- for those who have house property, capital gain, income from other sources including Income from Salary

iii.)             ITR 3- for those hold partnership interest in Partnership firms

iv.)             ITR 4S- Those who would like to declare Income under presumptive taxation scheme

v.)              ITR 4- For those carrying business or profession

2.      Ensure that you have filled the PAN correctly in the form selected. Income Tax Department sent notices to many assessee asking that” why the department not levied penalty on assessee for holding two pan card Numbers” because of this mistakes.

3.      Ensure that you have signed the ITR form before sending it to Bangalore CPC, If you forget to sign and sent without signature it is treated Void.

4.      Be aware what deductions are available in to you current year or overall  like

a.)    Deduction of Saving Bank Interest up to Rs. 10,000 ( Provided from F.Y. 2012-13)

b.)    Investment in RGESS

c.)    PPF or NSC or PF or LIC premium

d.)    Medical Premium paid

e.)    Donations etc.

5.      If TDS has been deducted check your 26AS or Tax Credit statement available on Income Tax website to ensure your tax claim properly.

6.       And in last send your ITR-V form (acknowledge) generated after filling of ITR to Bangalore CPC in A4 size envelope within 120days of filling of ITR online.

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