Biggest Income Tax Return Filing mistakes AY 2023-24

Jun 06, 2023 Rajeev Kumar

When filing the Income Tax Return (ITR) for Assessment Year 2023-24, you should avoid the following mistakes.

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If you fail to file your ITR by the due date, you will face penalties.

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Not filing your ITR at all can have even more severe consequences.

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Using an incorrect form leads to a defective filing that will be rejected by the Income Tax Department.

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It is crucial to pre-validate the bank account, especially if taxpayers are expecting a tax refund.

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Rectifying this mistake can be time-consuming and costly.

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These seemingly harmless mistakes can lead to various issues with their tax filing.

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Assessment Year always comes after the Financial Year. Therefore, for current tax filing, you should choose AY 2023-24.

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Disclosing all these income sources and providing their details is mandatory when filing ITR.

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Biggest Income Tax Return Filing mistakes AY 2023-24

Biggest Income Tax Return Filing mistakes AY 2023-24

When filing the Income Tax Return (ITR) for Assessment Year 2023-24, you should avoid the following mistakes.

When filing the Income Tax Return (ITR) for Assessment Year 2023-24, you should avoid the following mistakes.

If you fail to file your ITR by the due date, you will face penalties.

If you fail to file your ITR by the due date, you will face penalties.

1. Failure to Meet the Deadline

1. Failure to Meet the Deadline

Not filing your ITR at all can have even more severe consequences.

Not filing your ITR at all can have even more severe consequences.

2. Neglecting to File Income Tax Returns

2. Neglecting to File Income Tax Returns

Using an incorrect form leads to a defective filing that will be rejected by the Income Tax Department.

Using an incorrect form leads to a defective filing that will be rejected by the Income Tax Department.

3. Selecting the Incorrect ITR Form

3. Selecting the Incorrect ITR Form

It is crucial to pre-validate the bank account, especially if taxpayers are expecting a tax refund.

It is crucial to pre-validate the bank account, especially if taxpayers are expecting a tax refund.

4. Failure to Pre-Validate Bank Account

4. Failure to Pre-Validate Bank Account

Rectifying this mistake can be time-consuming and costly.

Rectifying this mistake can be time-consuming and costly.

5. Forgetting to Verify Your ITR

5. Forgetting to Verify Your ITR

These seemingly harmless mistakes can lead to various issues with their tax filing.

These seemingly harmless mistakes can lead to various issues with their tax filing.

6. Providing Incorrect Personal Information

6. Providing Incorrect Personal Information

Assessment Year always comes after the Financial Year. Therefore, for current tax filing, you should choose AY 2023-24.

Assessment Year always comes after the Financial Year. Therefore, for current tax filing, you should choose AY 2023-24.

7. Selecting the Wrong Assessment Year

7. Selecting the Wrong Assessment Year

Disclosing all these income sources and providing their details is mandatory when filing ITR.

Disclosing all these income sources and providing their details is mandatory when filing ITR.

8. Not Declaring Income from All Sources

8. Not Declaring Income from All Sources

Many tax filers omit details of capital gains and losses. However, this mistake can have serious consequences.

Many tax filers omit details of capital gains and losses. However, this mistake can have serious consequences.

9. Neglecting to Disclose Capital Gains and Losses

9. Neglecting to Disclose Capital Gains and Losses