Income Tax: Taxpayers often make mistakes while filing Income Tax Return (ITR), after which they have to suffer. Know which things you should pay special attention to.
Income Tax : Currently, the race to file Income Tax Return (ITR) has started as the Central Board of Direct Taxes (CBDT) has released all the Income Tax Return (ITR) forms for the assessment year 2025-26 (FY 2024–25). These new forms have been updated under the Finance Act, which include changes related to long-term capital gains (LTCG), foreign asset disclosures and capital gains.
Meanwhile, taxpayers should be careful while filling the form so that some common mistakes can be avoided. Not doing so can increase the chances of delay, notice or rejection of return. Here are some mistakes that taxpayers should avoid –
Correct income details
The income mentioned in ITR should match with Form 26AS, Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). Notices can be received if there is a difference in them.
Choose ITR Form carefully
It is important to choose the right form according to the income. For example, salaried taxpayers with income up to Rs 50 lakh should use ITR-1. Whereas other forms are required for business income or capital gains.
Give correct information of income
Give information about all sources including exempted income like PPF interest or agriculture. Apart from this, it is also necessary to give information about income from house rent (if any).