5 common mistakes while ITR filing that you can avoid by taking Income tax return filing services

 

Income tax is the most prominent tax that every professional has to pay regardless of the occupation. But after filing the income tax for the current financial year, one must also file its return to claim the tax deductions; otherwise, the paid tax can’t be accessed. But many a time, people think that the ITR filing process can proceed themselves. It is true, but it is not suggested as there are many mistakes that you can make and hence taking help from professionals for availing the best Income tax return filing services in Delhi or any other part of the country.

Let’s discuss the common mistake and how tax consultants like Inside Tax can help in the same.

Not remembering the deadline

Due to busy schedules, we tend to forget a lot of things, and forgetting the deadline is one of them. And the penalty of late ITR filing is Rs. 10,000, and no one intentionally wants to spend this amount. Hence, taking help from the professionals ensure that you file the taxes on time without any mistake and save yourself from the penalties.

Not filing ITR

Some people think that they don’t need to file ITR, but this is not true. Regardless of the income brackets and age, one needs to file ITR. There are many conditions that make the assessee file ITR. But sometimes, due to lack of awareness, we intentionally skip filing ITR. Hence, it can attract legal notice from the authorities. Hence talk to a professional before deciding if you need to file Income Tax Returns or not.

Submitting the wrong form

The most common mistake is waiting till the last date and then choosing the wrong form during submission filing ITR by using an incorrect form is seen as inappropriate in the eyes of the law. Hence, one should consider seeking help from a professional who can guide the entire ITR filing process and avoid such mistakes.

Missing information or not mentioning income from all sources

The most important mention information related to income correctly; otherwise, it can be considered as tax evasion. But sometimes we miss some details and don’t know in which head it should be placed. Getting the best Income tax return filing services in Delhi or any other part of the country can help in solving this problem.

Inappropriate deduction claim

Taxation is complicated and consists of many exemptions. It may be confusing for a normal person to manage the tax himself and claim the deductions. A professional team can help in claiming the correct deductions so that you can get the right amount of refund.

So these were the common mistakes that people make while filing ITR. If you are looking for the Best Income tax return filing services in Delhi or India, then you can contact Inside tax.