Income Tax: Avoid these 4 common errors that taxpayers make while submission of ITR | Mint

Income tax: With only 45 days left to comply with the September 15 deadline to submit Income Tax Return (ITR) for FY2024-25, taxpayers are obtaining the right information and documents required to submit their return in time. It is worth mentioning that the Income Tax Department released the ITR-3 online program on July 30, while ITR-2 was activated on July 17, with a pre-filled data. The Excel Aid Programs for these forms were released early last month. When submitting the income tax return, salary taxpayers do not have to do much except to arrange Form 16 (issued by the employer) and a interest certificate (issued by the bank). However, if you have several sources of income, including home property, capital gains, self -activity or other sources, it is recommended that you seek the professional advice of a chartered accountant or an income tax expert. But if you are a DIY person, you can certainly give it (ITR-Liquity), but make sure you do not make the mistakes that are repeated regularly. Here we call some common mistakes that taxpayers make. Submission of ITR: General errors to avoid I. Choosing the right tax regime: In the first place, taxpayers must choose the right tax regime, leading to a lower tax exchange. One can even use an income tax computer on the income tax website to compare the tax component among both regimes. ‘Many taxpayers lack the new regime without analysis or continue with the old regime out of the habit. This surveillance often leads to wrong tax calculation, avoidable excess tax payments or mismatches during yield processing through the income tax division. In the last one or two assessment years, a growing trend was observed among individual taxpayers – especially salarized employees – who are Dincar to evaluate to assess income tax is more income tax. Sharma, partner, Jotwani Associates. Ii. Not to report profits from trade: Another mistake that you should avoid is not to earn capital gains earned as a result of trading in securities. “Various salary taxpayers with investments in equities and mutual funds also forget to earn capital gains from trading or redemptions. This usually happens when the taxpayer has passive investments and does not actively locate. With the launch of the annual Information Statement (AIS), such profits can now easily set out by the tax division and non-in-disconnect. Sharma of Jotwani Associates. III. The return to the return is to verify the return. The previous return is invalid. and the new return has their claims ahead – can be under the new tax regime, and their claims can be imposed. Iv. Failure to claim exemption: Taxpayers sometimes earn capital gain and invest some of the profits, but forget the exemption. “It is not uncommon among taxpayers not to claim exemptions under relevant divisions such as 54, 54c or 54F. These exemptions are available when capital gains are reinvested in the prescribed timelines, or to follow the procedural conditions, the denial of denial of denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of the denial of Denial of denial of the denial of the denial of denial of denial of denial of the denial of denial of denial of the denial of the denial of the denial of the exposure of the exposure. Central Council of Direct Taxes (CBDT) expands. at.