Filing ITR without a CA? 5 common mistakes that you must avoid

India Today

14 hours ago

Today, filing your ITR is much simpler than it used to be. With online portals and digital forms, many people now file their returns on their own, without hiring a Chartered Accountant (CA). It saves time and money too.However, even with these conveniences, there are some costly errors that taxpayers commonly make. Avoiding these can save time and prevent issues like delayed refunds or notices from the Income Tax Department.advertisementLet's look at some common mistakes which taxpayers tend to commit while filing taxes.PICKING WRONG ITR FORMOne frequent mistake is selecting the wrong ITR form. Each taxpayer's situation dictates which form should be used, based on their specific income sources.
For instance, ITR-1 (Sahaj) is suited for individuals with income up to Rs 50 lakh from salary or pension. ITR-2 is meant for those with capital gains, while ITR-3 and ITR-4 apply to freelancers or business owners.Selecting the wrong form can result in a rejected return, so it's crucial to consult the form guide on the Income Tax Department's website.WRONG ASSESSMENT YEARMany people mix up the financial year and assessment year. For income earned in 2024-25, the assessment year will be 2025-26. Pick this carefully or your return will not be valid.MISSING INTEREST INCOME OR TDSadvertisementMost people show salary income but forget to add interest earned from FDs or savings accounts. The tax department already has this data in your AIS and Form 26AS. So, check both before filing and declare all sources of income.WRONG DEDUCTIONSPeople often claim deductions like Section 80C (for PPF, LIC, ELSS) or 80D (for health insurance) without having proper proof. Remember, under the new tax regime, most deductions do not apply. So, choose the old regime if you want to claim exemptions.NOT DOING E-VERIFICATIONMany think filing is done once you click submit. But you must e-verify your ITR within 30 days. If you skip this, your return is not valid and you may have to redo it. You can e-verify using Aadhaar OTP, net banking or an EVC code.WHAT'S NEW THIS TIME?This year, the AIS and Form 26AS have become more detailed, providing a comprehensive view of your income. The AIS app is now available, allowing you to access your complete income report on mobile. Also, the new tax regime is the default option, but if the old regime is more beneficial, don't forget to select it.Matching AIS and 26AS with Form 16 is to avoid discrepancies.Simply put, filing ITR without a CA is not rocket science anymore. But a small mistake can bring a big headache. Be careful, stay updated and file your return on time. It saves you money and helps you understand your own finances better. And who knows? Next year, you might even help someone else file theirs!- EndsTrending Reel