What are Some of the Common Tax Mistakes to Avoid?

Here are some of the top common mistakes that an applicant makes while filing an ITR. 

• Using the wrong Tax form: One of the common mistakes of applicants is filing an incorrect income tax form. If the income tax department finds any incorrect tax form, then it will be marked as 'Defective', and you can get a penalty of 50% or 100% for filing misinformation in the ITR. 
   
• Mentioning wrong details in the Tax form: If you have written wrong or misinformation in the Tax form, like the incorrect contact number, email ID, PAN number, Aadhaar number, then you could get an income tax notice. To avoid this, you should fill in all the details correctly in your Income Tax Returns. 
   
• Incomplete bank details: If you have entered incomplete bank details in the Income Tax form, then it will be difficult for you to get the tax refund. To get your tax refund easily, you need to make sure you write the correct bank details in your tax form, like bank account number, IFSC code, or any other information. 
   
• Wrong assessment Year: Make sure you have written the correct assessment years for your income tax returns. Writing an incorrect assessment year can result in notices and penalties from the Income Tax department. So always mention the correct assessment year in the format FY 2024-25, 2025-26. 
   
• Claiming incorrect deductions or exemptions: If you have claimed incorrect deductions or exemptions, then you could be in trouble. So make sure or consult with a professional tax expert and write correct claimable exemptions and deductions.   
   
• Submitting Fake or Wrong Disclosure: Submitting fake receipts, or deductions with respect to section 80C / 80D, etc, to calculate house rent, some applicants attach fake documents to claim House rent allowance.