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16 Jul, 2014 04:21 PM

Mistakes to avoid while filing IT returns

Mistakes to avoid while filing IT returns
Last date for filing AY 3014015 IT returns : July 31st, 2014

1. Waiting till last day: The earlier you file your return, the better it is. E-filing websites tend to get clogged just before the deadline expires. The refunds also come faster if you file earlier.

2. Miscalculating Tax: If you changed jobs during the year, the first company may have deducted tax correctly, but the second might have deducted very little. Calculate the tax by adding both incomes.

3. Ignoring interest: The new Sec 80TTA gives deduction of up to Rs 10,000 on interest from a savings account. This does not include the interest earned on bank deposits. That is taxable.

4. Missing to send ITR-V: E-filing your returns does not complete the process. If you didn't use a digital signature, you have to send your ITR-V by post within 120 days of uploading the return to the CPC.

5. Ignoring ITR-V instructions: Don't send the ITR-V by courier. It should be sent by ordinary or speed post. Also, it should be printed in black and signed in original. No photocopies.



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