10 Common ITR Filing Mistakes That Cost You Money

Every year, thousands of taxpayers make avoidable mistakes while filing ITR, leading to penalties, notices, and missed refunds.

1. Choosing the Wrong ITR Form

Filing with the wrong form (ITR-1 vs ITR-2 vs ITR-3) can lead to rejection. Know your income sources before selecting.

2. Not Reporting All Income Sources

Many forget to report:

3. Incorrect Bank Account Details

Wrong IFSC code or account number can delay your refund by months.

4. Not Claiming All Deductions

Common missed deductions:

5. Forgetting to Verify Your Return

Filing is not complete until you verify through Aadhaar OTP, net banking, or sending ITR-V to CPC Bangalore.

6. Not Reporting Foreign Assets

If you hold foreign bank accounts or assets, failing to report them can lead to heavy penalties.

7. Mismatch in Form 26AS

Always reconcile your Form 26AS with Form 16 and other income statements before filing.

8. Missing the Deadline

Late filing attracts penalties:

9. Not Maintaining Documentation

Keep all investment proofs, rent receipts, and Form 16 for at least 6 years.

10. Ignoring Income Tax Notices

Never ignore notices. Respond within the stipulated time to avoid complications.

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