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10 Mistakes Taxpayer make while filing Income Tax Returns

1. Wrong ITR

Selecting the wrong ITR may lead to notices and later revision. Many Salaried file ITR 1, however, they are liable to file ITR 2

2. Not claiming Interest Deductions

Few Miss to claim 80TTA and 80TTB deductions

3. Two salaries- Disclose only 1

In a few cases when you have received a salary from more than one employee, you need to disclose all your salary income

4. Forget to disclose Shareholding/Directorship Pvt. Ltd

Holding Shares in Private Limited or Directorship needs to be Disclosed

5. Not disclosing foreign a/c shares etc.

Disclosure of foreign assets in ITR is mandatory for resident taxpayers who own specified foreign assets

6. Not checking AIS/TIS Reconciliation

A few times Income as per AIS / TIS income additional details are not checked and updated

7. Not claiming Senior citizen Medical expense

Senior Citizens who do not have Mediclaim Insurance can claim a 50k deduction on expenditure incurred on Medical Treatment

8. Deduction not claimed in Form 16 can be claimed while ITR filing

80C, 80D to 80U can be claimed. HRA can be Claimed but LTA cannot. Be sure of what can be claimed and what cannot

9. Not verifying ITR-30 days

ITR uploaded but not Verified within 30 days makes it Invalid

10. Maintain documents and evidence-10 years

Its good practice to maintain all exemption and deductions claimed documents as evidence for 10 years


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Jai Shree Radhe