New Delhi: The last date for filing tax returns for income earned in the 2022-23 fiscal is today, i.e July 31 for salaried taxpayers and those assessees who do not need to get their accounts audited.


COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The income tax department has said that over 6 crore Income Tax Returns (ITRs) for AY 2023-24 (FY 2022-23) have already been filed till 30th of July this year.


The I-T department has also urged that those who haven't filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush. 


IT tweeted, "...To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & social media."



Since today is the last day to file your ITR, you must be mindful that you don't commit any last minute error. Taxpayers should avoid THESE mistakes while filing ITR: 


Wrong Assessment Year


It is important to note that during the time of filing returns, it becomes absolutely mandatory to mention the correct assessment year. For FY 2022-23 the correct corresponding AY is 2023-24. Any wrong year increases the chance of double taxation and penalties.


Wrong ITR Form


Different forms are given for different types of taxpayers and that calls for selecting the ITR form. Choosing the wrong firm can prove to create more difficult as it will become defective and one might get a notice to file the return once again.


TDS Details


The form 26AS includes a summary of TDS and tax payments on the income such as salary, interest, or sale of immovable property. Therefore, one should always cross-check the TDS and tax payments with form 26AS.


Non-Declaration 


A taxpayer is expected that he/she should ideally inform all about their bank accounts in India except dormant accounts and the taxpayer can choose the bank account in which they want to get their refund credited.


Incorrect Details


The ITR forms come with several rows and columns that require adequate attention as the correct details have to be filled in a certain format.