Income Tax Return Filing: Common Errors To Avoid While Filing An ITR

When filing your own tax return, it's crucial to understand tax rules and be aware of available deductions and exemptions. Take a look at the ITR filing mistakes that need to avoid.

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Verify your Form 26AS and the Annual Information Statement (AIS) on the tax portal to ensure all income, TDS, and TCS payments are accurately reported.

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Ensure that you include all sources of income, such as interest, dividends, and capital gains from stocks and funds. These incomes are recorded in the AIS and should not be overlooked as they are visible to the tax.

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Don't forget to consider capital gains and losses. You can obtain a capital gains statement from your broker or mutual fund clearing house to simplify the calculation process.

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Don't overlook exemptions when filing your taxes. You can claim an exemption of up to Rs.10,000 on savings bank interest under Section 80TTA. Senior citizens are eligible for a higher exemption of Rs.50,000 under Section.

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Remember to report all foreign income and assets in your tax return, including shares of overseas companies, income from foreign companies, and even small amounts held in foreign bank accounts.

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