Re-sharing this (Mistakes to avoid when filing ITR)
Mistakes that we should steer away from while filing ITRs.
1. Paying Taxes
No, it's not what it sounds like. Paying taxes is not a mistake, but paying taxes without knowing that you can be exempted from doing so is definitely something that we should not be doing. Check with your CA friends if you even need to go ahead with the taxes in your income slab, and what's the best possible way to invest money so that you don't have to pay the minimal ones.
2. Wrong Spellings
Yes, possible! You obviously remember your name, but being true to ourselves, writing in those small boxes confuses us all a bit, doesn't it? Same goes for typing the wrong keys while filing the return online. All we ask you is to type your name and other details carefully, so that you don't end up feeling like a fool.
3. Wrong Signs
So you have a swanky little signature, which you specifically designed, keeping in mind that no one can copy it. However, this can also mean that you yourself make a mistake in signing the return, which could even lead to legal problems later. It's always advisable to practice your signature (unless you are a celeb who is used to of giving autographs) on a rough paper before signing the return.
4. Wrong Details
While you can be sure that you remember your PAN, salary details, and names in your official documents, it won't hurt you to cross check the details so that you don't end up messing this already messed-up process.
5. Forgetting Details
If the last year was good for you financially and you have some extra money lying with you, don't forget to mention that income in your ITR if you are filling one. Be sure that you type all your incomes and sources while filing an ITR.
6. Overconfidence
Until and unless you are a mathematical genius, you are prone to make mathematical errors, which can result in overpaying (or underpaying, whatever) your taxes, which delays the whole process. Be smart; use your smartphone's calculator. more
1. Paying Taxes
No, it's not what it sounds like. Paying taxes is not a mistake, but paying taxes without knowing that you can be exempted from doing so is definitely something that we should not be doing. Check with your CA friends if you even need to go ahead with the taxes in your income slab, and what's the best possible way to invest money so that you don't have to pay the minimal ones.
2. Wrong Spellings
Yes, possible! You obviously remember your name, but being true to ourselves, writing in those small boxes confuses us all a bit, doesn't it? Same goes for typing the wrong keys while filing the return online. All we ask you is to type your name and other details carefully, so that you don't end up feeling like a fool.
3. Wrong Signs
So you have a swanky little signature, which you specifically designed, keeping in mind that no one can copy it. However, this can also mean that you yourself make a mistake in signing the return, which could even lead to legal problems later. It's always advisable to practice your signature (unless you are a celeb who is used to of giving autographs) on a rough paper before signing the return.
4. Wrong Details
While you can be sure that you remember your PAN, salary details, and names in your official documents, it won't hurt you to cross check the details so that you don't end up messing this already messed-up process.
5. Forgetting Details
If the last year was good for you financially and you have some extra money lying with you, don't forget to mention that income in your ITR if you are filling one. Be sure that you type all your incomes and sources while filing an ITR.
6. Overconfidence
Until and unless you are a mathematical genius, you are prone to make mathematical errors, which can result in overpaying (or underpaying, whatever) your taxes, which delays the whole process. Be smart; use your smartphone's calculator. more
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PR Jee, if there is a mistake then you have to take it up with the person who was to file it and get it rectified. I found that ICICI bank had made some serious mistakes, and I had to take it up with them for a few months and get it rectified. Same is the case with our employer. We have to find out who is responsible in th ebank or the company and then follow up with the person directly. more
Aug 11
incometaxefilling does not say to post the 80G fiirst....other entries should appear automatically for editing for the transaction we do using PAN....sw is not smart.. more
Aug 10
After TDS by the employer if it is not reflected in Form26AS who is responsible and how to correct it more
Aug 09
Satish Malhotra Ji I think Tax free limit for Sr. citizens is 300000/- if I am not wrong. It is 250000/- for general public. more
Aug 09
08-08-2012 One small correction. Delete section 37 and insert section 212. Section 212 deals with agent's liability to the principal. I regret for the error. Since income tax act imposes statutory agency relationship between tax deductor and the tax deductee, payment of consideration (service charges etc) does not arise as laid down section 185 of indian contract act. more
Aug 08
