6 Steps to Ensure Accurate IT Returns

To ensure the accuracy of your income tax return, it is important to review the following aspects:

1. Income Reporting Discrepancies: Check for any discrepancies in the reporting of your income sources. Ensure that all sources of income, such as salary, business income, rental income, interest income, capital gains, etc., have been accurately reported. Compare the income figures with relevant documents like Form 16, Form 16A, bank statements, and investment statements.

2. Deduction and Exemption Errors: Verify if you have correctly claimed deductions and exemptions that you are eligible for, such as deductions under Section 80C, 80D, 80G, etc. Cross-check the supporting documents and ensure that you have claimed the correct amounts.

3. Incorrect Tax Calculation: Double-check the calculation of your tax liability. Ensure that the applicable tax slabs and rates have been correctly applied. Verify the tax calculations with the help of tax calculation tools or consult a tax professional if needed.

4. Incomplete or Inaccurate Details: Review all the details provided in your return, such as personal information, bank account details, PAN, and Aadhaar number. Ensure that all the information is accurate and complete.

5. Non-disclosure of Assets or Foreign Income: Ensure that you have disclosed all your assets, including bank accounts, properties, investments, and any income earned from foreign sources, as required by the tax laws. Non-disclosure of such assets or income can lead to penalties and legal consequences.

6. Mismatch with Form 26AS: Compare the information in your filed return with the details in your Form 26AS. Form 26AS provides information about the tax deducted at source (TDS) and tax payments made on your behalf. Investigate and rectify any discrepancies between the two.

If you suspect any errors or discrepancies in your filed return, take corrective action as soon as possible. You can file a revised return or seek professional help from a tax consultant or a chartered accountant to review your return and provide guidance on correcting any inaccuracies. Regularly reviewing your tax return, maintaining accurate records, and seeking professional advice can help you ensure that your filed return is correct and compliant with the tax laws.


Nikesh-Mehta-AllOnMoney

Hi, I am Nikesh Mehta, owner and writer of this site. I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business. I can be reached at [email protected].


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