Wrong ITR Selecting the wrong ITR may lead to notices and later revision. Many Salaried file ITR 1, however, they are liable to file ITR 2
Not claiming Interest Deductions Few Miss to claim 80TTA and 80TTB deductions
Two salaries- Disclose only 1 In a few cases when you have received a salary from more than one employee, you need to disclose all your salary income
Forget to disclose Shareholding/Directorship Pvt. Ltd Holding Shares in Private Limited or Directorship needs to be Disclosed
Not disclosing foreign a/c shares etc. Disclosure of foreign assets in ITR is mandatory for resident taxpayers who own specified foreign assets
Not checking AIS/TIS Reconciliation A few times Income as per AIS / TIS income additional details are not checked and updated
Not claiming Senior citizen Medical expense Senior Citizens who do not have Mediclaim Insurance can claim a 50k deduction on expenditure incurred on Medical Treatment
Deduction not claimed in Form 16 can be claimed while ITR filing 80C, 80D to 80U can be claimed. HRA can be Claimed but LTA cannot. Be sure of what can be claimed and what cannot
Not verifying ITR-30 days ITR uploaded but not Verified within 30 days makes it Invalid
Maintain documents and evidence-10 years Its good practice to maintain all exemption and deductions claimed documents as evidence for 10 years
