File Your Income Tax Returns By Avoiding 3 Common Mistakes

Though filing income tax returns look quite simple, it is actually not so. There are a wide variety of taxpayers for whom the income tax department has issued different ITR forms. Even individuals have to choose from different ITR forms as they are specially made for different filings. The process of filing income tax returns is quite confusing and so taxpayers often end up missing the deadline.

If you are really willing to avoid the common mistakes people generally make when filing their income tax returns, get in touch with a professional offering the service. They gather the necessary information before putting them together in such a way so that they can avoid the common mistakes.

Few Mistakes People Make While Filing Income Tax Returns

 Forgetting The Deadline

Not everyone filing their income tax returns for the first time is aware of the fact that though they can file their returns if they forget the deadline, it generally comes at a cost. The alternate date if you miss the final deadline is before the year ends but stay prepared to pay the 5000 rupees penalty. But if you file it after 31^st December, you might have to pay 10000 rupees. This is why you should always try to file it before July 31^st and save your money.

Choosing The Wrong ITR Form

The ITR form you should use for filing your income tax returns is generally dependent on the type of taxpayer you are. Unless you take the aid of an experienced professional, you might end up choosing the wrong form. This will not only make the process more complicated but even delay it. Identifying the right form is a must before the process starts. If you don’t feel confident even after going through the ITR instructions, let an expert do it for you.

Incorrect Or Incomplete KYC

Unless information like your name, address, Aadhaar, PAN, bank account number, IFSC code and asset details are correctly provided, your ITR process won’t be smooth nor can you expect a timely refund. Providing correct and complete bank account details is a must so that you can get your refund on-time.

Though you are now aware of the common mistakes you need to avoid when filing your income tax return, getting the task done by an experienced professional is always a wise thing to do.

For more information visit: www.smgupta.co.in