4) Benefits of Deduction

This is a mistake that is mostly committed by salaried professionals. For instance, if you have switched your job from one company to other in the previous financial year, you would have got form 16 from both the companies. In which your previous employers would have given tax deductions on the usual basis, but your second employer would have deducted little through which you would have got basic exceptions of 2 lakhs as per section 80C.

Since some factors like this will be already mentioned by your previous company, you might end up paying additional taxes.          

There is no way one can escape from the previous tax returns since everything is computerized. The computer software will detect the discrepancy within no time. Infact it will show some inconsistency in your TDS details because your previous employer would have deposited your TDS on your behalf along with your PAN details.

5) Mailing ITR V on Time

ITR V is the acknowledgment that you get for your tax return. You should submit this acknowledgement if you are filing your return offline.

But in case if you decide to file your return online that do not have a digital signature than you will have to take a print of the ITR V and send it to the nearest CPC (Central Processing Centre) through a regular mail.

You should send your acknowledgement within 120 days from the date of filing your return. Your tax return filing will be considered only when you submit your ITRV certificate.

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Incorrect Tax Withholding Most Frequent Payroll Error: E&Y