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6 Common Mistakes That You Should Avoid While Filing ITRs
financial tips

6 Common Mistakes That You Should Avoid While Filing ITRs

While we are no tax experts, there are some common, and allow us to be blunt but silly mistakes that we all can and should avoid while filing income tax returns. Avoiding these mistakes would not only make the income tax return filing process smooth, but would also save you the hassles of re-filing it, which in itself is a tiresome process.

Given below are some such mistakes that we should steer away from while filing ITRs.

1. Paying Taxes
No, it's not what it sounds like. Paying taxes is not a mistake, but paying taxes without knowing that you can be exempted from doing so is definitely something that we should not be doing. Check with your CA friends if you even need to go ahead with the taxes in your income slab, and what's the best possible way to invest money so that you don't have to pay the minimal ones.

2. Wrong Spellings
Yes, possible! You obviously remember your name, but being true to ourselves, writing in those small boxes confuses us all a bit, doesn't it? Same goes for typing the wrong keys while filing the return online. All we ask you is to type your name and other details carefully, so that you don't end up feeling like a fool.

3. Wrong Signs
So you have a swanky little signature, which you specifically designed, keeping in mind that no one can copy it. However, this can also mean that you yourself make a mistake in signing the return, which could even lead to legal problems later. It's always advisable to practice your signature (unless you are a celeb who is used to of giving autographs) on a rough paper before signing the return.

4. Wrong Details
While you can be sure that you remember your PAN, salary details, and names in your official documents, it won't hurt you to cross check the details so that you don't end up messing this already messed-up process.

5. Forgetting Details
If the last year was good for you financially and you have some extra money lying with you, don't forget to mention that income in your ITR if you are filling one. Be sure that you type all your incomes and sources while filing an ITR.

6. Overconfidence
Until and unless you are a mathematical genius, you are prone to make mathematical errors, which can result in overpaying (or underpaying, whatever) your taxes, which delays the whole process. Be smart; use your smartphone's calculator.

Picture by Thinkstock

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