Income Tax Filing Mistakes To Avoid: Tips From A Top Consultant In Dhanbad

Filing income tax can be overwhelming, especially when small mistakes lead to penalties or delayed refunds. As a leading Income Tax Consultant in Dhanbad, Biz Fin Tax has helped hundreds of individuals and businesses avoid common pitfalls during tax season. Here are some mistakes you should absolutely steer clear of.

1. Missing Deadlines:
Many taxpayers either forget the due date or wait until the last moment. This can lead to last-minute errors or even penalties. Filing early gives you enough time to review details and correct them.

2. Incorrect Personal Details:
One of the most overlooked mistakes is entering incorrect PAN, name, or bank account number. Always double-check your personal information to ensure the filing goes smoothly.

3. Not Reporting All Income:
Many people think only salary needs to be declared. However, income from savings accounts, mutual funds, rent, and freelancing must also be reported. Hiding income can lead to serious consequences later.

4. Failing to Claim Deductions:
You might be eligible for deductions under sections like 80C, 80D, and 80E, but forget to claim them. A professional Income Tax Consultant in Dhanbad ensures you don't miss out on savings.

5. Using the Wrong ITR Form:
Each ITR form is for a specific income group. Selecting the wrong form can invalidate your filing. Let a consultant guide you to choose the correct one.

6. Ignoring Form 26AS and AIS:
Not cross-verifying your income with Form 26AS or Annual Information Statement can create discrepancies. Make it a habit to match both before submitting your return.

7. Not Keeping Records:
Keep all proof of income, deductions, and investments for at least six years. These documents may be required during an audit or future reference.

At Biz Fin Tax, we simplify your tax filing process. With our expert knowledge, you can file confidently and maximize your refund without stress. Looking for a reliable Income Tax Consultant in Dhanbad? Get in touch today and file your returns the right way.