Avoid common mistakes to relieve tax-filing pain

As the last date for filing income-tax returns (July 31) draws near, here’s a look at some of the most common mistakes that could become painful later.

Not matching ITR data with the transaction database of the I-T department. It is in the best interests of the taxpayer to verify the ITR data before e-filing because all transactions in the database are under scrutiny by the I-T department. Any mismatch will surely lead to a tax notice.

For example, if one has switched jobs during the year, both employers will give benefit of basic exemption and deductions to the employee and, hence, lower TDS will be deducted. If you do not report income from your previous employer in the tax return, you could get a notice from the I-T office when the TDS data is reconciled with your return data. (Source Financial Express) Read more