ITR filing Error: Minute details you should not miss to e-file error-free return for AY 2023-24

financialexpress.com:

Income Tax Return filing Errors AY 2023-24 (how to avoid): Taxpayers have been proactive this year in filing their returns early. According to Income Tax Department’s data, more than 3 crore returns for AY 2022-23 have been filed till July 18 while over 1.5 crore ITRs have been processed by the taxpayers. Tax filers have also verified more than 2.8 crore returns.

Experts have, however, noticed that tax filers often miss small details or make some minor mistakes, especially when filing by themselves, which either leads to defective returns or fewer refunds.

FE Money got in touch with some tax experts to understand the minute details taxpayers generally miss. Knowing these will help you file an error-free return before the due date, i.e. July 31, 2023.

The taxpayer is required to consider furnishing their tax return in the correct ITR Form while taking into consideration their residential status, nature and level of income, etc.

Dr Suresh Surana, Founder of RSM India, a tax consultancy firm, says furnishing of return in the wrong ITR form may lead to the return being treated as defective and make the ITR invalid altogether.

Also Read: I got my refund in 26 days. How long it may take for you?

“Taxpayers must thoroughly go through the AIS form and make sure they have included all sorts of incomes,” says Archit Gupta, CEO, Cleartax.

Dr Surana says a taxpayer discovering any discrepancies in AIS should provide feedback on the portal in order to rectify the same. In case of an error in form 26AS, the taxpayer should inform the deductor about the variation and request them to rectify the errors and omissions on their side. (read more details here)

“If they (taxpayers) deal in shares, it is important to include dividend income