With the Income Tax Return (ITR) filing deadline approaching, many taxpayers are rushing to submit their returns.
However, filing your ITR in a hurry can lead to mistakes that may delay your tax refund or even trigger a notice from the Income Tax Department.
Before you click the final ‘Submit’ button, take a few minutes to review your return carefully.
Here are the most important things you should check.
Verify Your Personal and Bank Details
Start by checking your personal information to ensure everything is correct.
Make sure your:
PAN and Aadhaar details match.
Name and date of birth are correct.
Mobile number and email ID are updated.
Bank account is pre-validated.
Bank account number and IFSC code are accurate so your refund is credited without delay.
Choose the Correct ITR Form
Selecting the right ITR form is one of the most important steps while filing your return.
The correct form depends on your income sources, such as:
Salary
Business or professional income
Capital gains
Foreign assets or income
Using the wrong ITR form may make your return defective, forcing you to file it again.
Match Your Income with Tax Records
Before submitting your return, compare your income details with official tax documents.
Cross-check your income using:
Form 16
Form 26AS
Annual Information Statement (AIS)
Taxpayer Information Summary (TIS)
Remember, the AIS may include income such as interest, dividends and securities transactions that may not appear in Form 16.
Report Every Source of Income
Do not report only your salary.
Make sure you include all taxable income, including:
Savings account interest
Fixed deposit (FD) interest
Dividend income
Rental income
Pension
Freelance or consultancy income
Capital gains from shares, mutual funds or property
Income from virtual digital assets, if applicable
Leaving out any income can result in tax notices later.
Check TDS and Tax Payments
Verify that the Tax Deducted at Source (TDS) shown in your return matches the details available in Form 26AS and AIS.
Also ensure that any advance tax or self-assessment tax you paid during the financial year has been correctly reflected in your return.
Don’t Miss Eligible Deductions
Review all deductions and exemptions you are eligible to claim under your chosen tax regime.
These may include deductions for:
Eligible investments
Health insurance premiums
Additional NPS contributions
Home loan interest
Donations to approved institutions
Claiming all eligible deductions can help reduce your tax liability.
Report Capital Gains Correctly
If you sold shares, mutual funds, property or any other capital asset during the financial year, make sure your capital gains are calculated correctly.
Incorrect reporting can lead to additional tax demands or notices from the Income Tax Department.
Declare Foreign Income and Assets, If Applicable
Resident taxpayers must disclose foreign bank accounts, overseas investments and foreign income wherever required in the ITR.
Failure to report these details may attract penalties under the Income Tax Act.
Pay Pending Tax Before Filing
If your tax calculation shows that you still owe tax, pay the outstanding amount before filing your return.
Also make sure the self-assessment tax challan details are entered correctly in the ITR.
Preview and E-Verify Your Return
Before submitting, review your:
Total income
Deductions claimed
Tax payable
Refund amount
After filing, don’t forget to e-verify your return using Aadhaar OTP, net banking or any other available method.
An ITR is considered complete only after it has been successfully e-verified.
Common Mistakes to Avoid
Tax experts recommend avoiding these common errors while filing your ITR:
Choosing the wrong ITR form.
Ignoring differences between AIS and Form 26AS.
Forgetting to report interest or dividend income.
Reporting incorrect capital gains.
Entering wrong bank account details.
Missing the e-verification step.
Filing your ITR carefully and well before the deadline can help you avoid unnecessary delays, notices and refund issues.
