Bangalore: The government of India has set deadline for filing the income tax return by 31st July 2013. By now you must have taken Form 16 from your employer to file your tax returns, if not, you must do it soon.

In case if you don’t file your I-T returns before the dead line, the income tax department might levy interest and in some cases penalties as well. The interest will be 1 percent per month on the outstanding amount. However, this is one of the few mistakes people commit.

“Economic Times” has listed out few other mistakes that area committed by many individuals that must be avoided.

1) Not Stating Exempt Income

There are some bonds and incomes which are tax free like long term capital gains, bonds, stocks, dividends and interest you have earned on your PPFs.

Moreover you will not have to pay tax on the income that you have earned from agricultural and special gifts like house. Even though you don’t have to pay tax on these, you will have to mention it in your tax return. Ignoring it would be at your own risk.

Also Read:

Spend On Your Children and Get Tax Benefits  

Family budget: Manage your money to lead a blissful life!