Filing income tax returns (ITR) might be challenging for taxpayers in Bhiwadi who may be unaware of current requirements. Many people and organizations unintentionally make mistakes that result in fines, delayed refunds, or even tax notifications. GTS Consultant India provides experienced tax advising services to companies facing these issues. This article will cover the most common income tax filing mistakes in Bhiwadi and offer effective recommendations to prevent them.
Incorrect or Incomplete Personal Details
Taxpayers frequently submit incorrect personal information, including:
- Misspelled names
- Incorrect PAN details
- Wrong bank account numbers for refunds
How to Avoid It:
- Double-check all personal details before submission.
- Ensure your PAN is correctly linked to your bank account.
Choosing the Wrong ITR Form
The Income Tax Department has different ITR forms based on income sources (salary, business, capital gains, etc.). Filing under the wrong form can lead to rejection.
How to Avoid It:
- Consult a tax expert in Bhiwadi to determine the correct ITR form.
- Refer to the latest ITR guidelines on the Income Tax India portal.
Not Reporting All Income Sources
Many taxpayers forget to declare income from:
- Freelance work
- Rental income
- Interest from savings accounts or FDs
How to Avoid It:
- Maintain proper records of all income sources.
- Use Form 26AS to cross-check tax deductions.
Ignoring Tax Deductions and Exemptions
Taxpayers often miss out on deductions under:
- Section 80C (PPF, ELSS, LIC premiums, etc.)
- Section 80D (Health insurance premiums)
- HRA exemptions
How to Avoid It:
- Keep all investment proofs ready before filing.
- Consult a CA in Bhiwadi to maximize tax savings.
Late or Non-Filing of Returns
Delaying ITR filing beyond the July 31 deadline (or extended dates) can result in:
- Late fees under Section 234F
- Interest penalties
- Scrutiny from tax authorities
How to Avoid It:
- File returns early to avoid last-minute errors.
- Set reminders for tax deadlines.
Not Verifying ITR After Filing
Many taxpayers forget to e-verify their returns, leading to invalid filings.
How to Avoid It:
- Verify ITR via Aadhaar OTP, EVC, or physical ITR-V submission within 120 days.
Why Choose GTS Consultant India for Tax Filing in Bhiwadi?
At GTS Consultant India, our Certified Public Accountants (CPAs) and Chartered Accountants (CAs) provide:
- Error-free tax filing with 100% compliance
- Maximized deductions to reduce tax liability
- Timely support for notices or revisions
Final Thoughts: Common income tax filing mistakes in Bhiwadi
Filing taxes correctly avoids costly fines and allows for more efficient financial planning. GTS Consultant India offers expert tax guidance in Bhiwadi. Contact us now for hassle-free tax filing.
