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Mistakes Tax Payers make when filing their Income Tax returns in India.

1) Not disclosing all Bank Accounts – As per Current tax laws one is required to provide

details of all bank accounts including ones which were closed during the previous year.

2) Not showing Incomes Exempt from Tax. A brief disclosure is a must Keeps the Returns

Clear and Less Queries are likely to come up.

3) Not showing Capital Gains & Losses – Always show details of Capital Gains and losses when submitting your ITR.

4) Not showing Foreign Assets – Residents having foreign bank accounts or any assets like

shares, equity holdings in foreign companies etc are required to disclose in ITR. The Income

may occur at any time, and thus including these in your Balance Sheet is the correct approach.

5) Not reporting Correct Income – Doing so directly from the bank’s statement and entering

the receipt amount as income, not considering the fact that the receipts are after deduction of TDS. The Income is the full Accrued amount with TDS added back. 

6) Not showing Unlisted Shares held in the Company – If you are holding unlisted shares of

any company registered under the Companies Act, 2013, report such details.

7) Not reconciling Income with Receipt – Taxpayers filing need to reconcile all receipts and

income with Form 26AS, AIS and TIS before filing ITR.

8) Not Pre-Validating Your Bank Account – Refund will only be credited after pre


9) Not Declaring Income Earned By Minor Children – As such income will be clubbed with

parent’s unless such income is out of Child’s Talent. 

10) Not Filing Your Income Tax Returns on time – Many individuals tend to forget or ignore

filling till the last date and then get caught in the highest rates by filling authority or fail to

file by themselves in time.

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