ITR Filling Tips: Even a small mistake while filing your ITR can become a major problem. Mistakes in these areas increase the likelihood of receiving a notice. Therefore, it's important to be cautious.
ITR Filing Tips: Careful attention is required when filing your Income Tax Return (ITR). However, people often make small mistakes, which can prove costly later. Many people think that simply filling out the form is over. But this isn't the case. Failure to provide correct or incorrect information while filing your Income Tax Return can result in the Income Tax Department issuing a notice.
Incorrect PAN numbers, incorrect income tax category, tax credit errors, or section errors are common. People often assume that a small error will go unnoticed. However, the tax department's digital tracking system is now so robust that even minor errors can be detected. Therefore, it's crucial to ensure every detail is accurate and fully verified when filing your ITR. Otherwise, you may receive a notice.
Why do notices arise?
People often think that only those who commit tax evasion and fraud receive notices from the Income Tax Office. However, if there is an error in your ITR, the Income Tax Department sends you a notice, which can usually be viewed via email or on a digital portal. The notice details the discrepancy and the amount found, and provides time to correct it.
Sometimes, this notice is simply for information. However, in some cases, you may have to pay additional tax or a penalty. There's no need to panic when you receive a notice. Instead, you should carefully review the form and bank documents and correct the error. The appeal and correction process is also easy on the digital portal, which can help resolve the matter quickly.
How to avoid mistakes when filing your ITR?
When filing your Income Tax Return (ITR), first check your income, tax credit, and PAN details before filling out the form. Fill in the sections and deductions correctly, verify bank account details, and keep a record of the digital receipt or slip if possible. Many people don't check their TDS or 26AS statements,
which can lead to notices later. Another easy way is to seek the help of a professional tax consultant or software that performs automatic verification. By avoiding small mistakes, you can significantly reduce the chances of receiving notices and file your ITR correctly.
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