There is a rush on filing eRuturns as last date is of 31 July. But while filing eReturns many of you make some common mistakes in the form or in process which you should avoid otherwise you might get in trouble or may have to pay penalty for providing wrong information to government.
So here are some common mistakes which you might do and need to avoid them or take extra care of them :-
Wrong Selection Of Form
Many of you might select wrong form while filing eReturn, if you go to eReturns website then you will get 6 types of forms, here are there meaning :-
- ITR 1 (Sahaj) :- This form is for those who had income from one rent, salary, interest, or from one property.
- ITR 2 :- This form can be accepted from any Individual or HUF having income from more than one rent, house property, capital gain, interest or foreign assets/ income.
- ITR 3 :- Filled by partners of firm having income from more than one bonus, commission, interest, salary, pension.
- ITR 4 :- To be filled by any individual or HUF having income more than 60 Lakhs from business and profession.
- ITR 4S (Sugam) :- Filled by individual or HUF having income upto 60 Lakhs from business or profession.
- ITR V :- Its an acknowledge form filled by all those filled above any of above form.
File eReturn If Income is more than 10 Lakh
If you are having income more than 10 Lakhs than you should file your ITR online as it is made compulsory from government that anyone having income more than 10 Lakhs he is required to file ITR online.
Fill Form Carefully and Remove Typing Mistakes
While filling your ITR form you should be very alert so that you wont provide any wrong details or make any typing mistake. Pay extra attention toward your email address, PAN card number, Bank account number and so on.
Put Deduction Under Correct Head
If you are claiming for any deductions then please put those deductions under correct head, like if you are claiming for deduction for donation for Scientific Research or Rural Development then it will come under 80GGA not under 80C, so put your deductions under respective heads.
Verify Taxes Paid
Pick your form 26AS and verify if you had paid any TDS or it has been deducted by your employer or bank. You should take consideration of taxes deducted, advance tax or self-assessment tax paid. Many times TDS have not been credited to your PAN so verify it from form 26AS.
Don’t Attach Any Document With ITR V
ITR V is an verification or acknowledgment form, IT e filling website states that you are not required to send any document attached with your ITR V. You need to send them only when IT department calls for it.
Send ITR V In Time
You filed your IT online to save time, but after filing your ITR online you need to send ITR V to CPC Bengaluru within 120 days, you have to sign it with BLUE INK only and then post it. Once CPC Bengaluru receive a duly signed copy from you then your IT is considered as filed.