- Date : 20/07/2023
- Read: 2 mins
When filing your ITR you need to declare all your sources of income and choose the right form. Making mistakes can land you in deep trouble and incur penalties.
The tax filing deadline for the financial year 2022-23 is round the corner. Every taxpayer is expected to file his returns within 31st July 2023 to avoid delays and the associated penalties. However, tax filing can prove to be a technical and complicated process for many individuals. Moreover, with new changes happening in the tax rules, keeping track of the updated guidelines proves challenging. In such scenarios, taxpayers might end up making mistakes and file a wrong return. ITR mistakes can have serious repercussions which not only involve penalties but can also ensue legal hassles.
Also Read – Know more about Tax Information Network
- The deadline for filing ITR is 31st July 2023 for the financial year 2022-23.
- You should file your taxes by disclosing all possible sources of income.
- Making mistakes in tax filing like non-disclosure of income or choosing the wrong form can incur penalties and complications
- Understand the updated tax filing rules and file your taxes in accordance with them
Some of the common mistakes and how you can avoid them are discussed below –
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The Bottom Line
Know the updated tax filing guidelines and avoid these common mistakes when filing your ITR. Also, file your ITR within 31st July to avoid late filing penalties and fulfil your duty as a responsible taxpayer.
Also Read – Which is better – the new tax regime or the old one?
