Filing your Income Tax Return? THIS one wrong move could cost you whopping Rs 1.5 lakh

The Income Tax Department has determined different penalties for various errors during ITR filing.

The Income Tax Release (ITR) filing season is here, in mid -September. If you are planning to file your tax return soon, you should be careful that even small errors may lead to heavy fines, delay in repayments, and even notifications from the income tax department. However, there is a special error that can bring you a penalty of 1.5 Lakh, which is more than the monthly income of many people.

Penalties for different mistakes
The Income Tax Department has determined different penalties for various errors during ITR filing. For example, the late application of ITR punishes 5,000 RS for over 5 Lakh revenues and 1,000 RS for revenues under this amount. In the meantime, filling your ITR with incorrect information can lead to 50% penalty in tax fees and up to 200% in case of deliberate misinformation. And for businesses, the inability to hold books or not send timely audit reports may impose a great fine of up to 1.5 Lakh.

Common mistakes to be avoided
There are several errors that tend to do when offering the Taxpayers’ ITRs and may cause penalties or other problems. One of them is to select the wrong ittr form, because filling a false form can be considered as a “defective” return, and may require correction within 15 days to prevent invalidation. Furthermore, the Form 26As and the annual information organization (AIS) before the ITR file may cause delays in reimbursement or excessive tax payments. Furthermore, refunds must be verified within 30 days via AADHAAR OTP, Net Banking or Demat account. Alternatively, a signed Itr-V can be sent to the TBM office in Bengaluru. Without verification, ittr file is considered incomplete.
In general, it is recommended that taxpayers to check their refunds early, double, and select the right tax regime to avoid financial and legal problems.