14 most common mistakes to avoid when filing tax return | What happens if you miss filing tax return

Filing income tax returns is an important task in one’s financial life. Mistakes when filing an ITR are common which can lead to many hardships, running around, audits and even penalties. In this video, ETMONEY’s Shankar Nath looks at 14 common income tax filing mistakes as we look to offer our viewers a checklist on the tricky areas in the ITR process and how best to handle them.

1. MISSING THE DUE DATE
2. NOT FILING A TAX RETURN
3. USING THE WRONG FORM
4. INCORRECT PERSONAL INFORMATION
5. SELECTING THE WRONG ASSESSMENT YEAR
6. NON DISCLOSURE OF MULTIPLE BANK ACCOUNTS
7. FAILURE TO MENTION ALL SOURCES OF INCOME
8. NON-DISCLOSURE OF CAPITAL GAINS & LOSSES
9. NOT DECLARING INCOME EARNED BY MINORS
10. IGNORING INTEREST EARNED FROM SAVINGS ACCOUNT
11. NOT PAYING ATTENTION TO FORM 26AS AND TDS CERTIFICATE
12. MISSING OUT ON REFUNDS
13. FORGETTING TO VERIFY YOUR TAX RETURNS
14. NOT CARING TO FILE A REVISED ITR

#ITRfilingMistakes #CommonITRMistakes #ITRmistakestoAvoid

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