ITR Filing: 5 mistakes that you should avoid while filing income tax returns

Taxpayers need to share the correct details of the TAN number of the tax deductor in form no. 26AS. Also, they need to carefully fill in the details of the challan number and BSR code in their ITR filing to receive the desired returns. 

The Income Tax department credits the refund to your bank account. Therefore, you need to share the correct bank details such as the bank account number, IFSC code or MICR code. Otherwise, the ITR won’t get credited to your bank account.

While filing ITR, sharing the details of capital gains is one of the most troublesome chores. Taxpayers need to share details of the various holding periods of their investments in various investment instruments. Different tax rates for various long and short term capital gains also make the process cumbersome. Therefore, you need to furnish the right details while filing returns.

One needs to be careful while personal details for filing income tax returns. You need to share the right email ID and phone number in case the tax department wants to connect with you regarding your ITR filing. You can easily update the phone number and e-mail id by using the online portal. 

In case you have an account in foreign banks, then you need to share the details of the same while filing ITR. Taxpayers need to share the details in the ITR 2 form to share the details.