Missed deadline, wrong information: Mistakes to avoid when filing tax returns

Millions of Indians file their income tax returns (ITRs) — a crucial annual financial planning exercise that needs to be done carefully. Mistakes or wrong information could lead to penalties or legal trouble, experts say.

Deadline missed

A common mistake made by taxpayers is missing the deadline for filing the ITR. For individuals, the deadline is usually July 31 of an assessment year. “Failure to file the ITR by this deadline can have significant consequences. The penalties for late filing can range from Rs 1,000 to Rs 10,000 depending on the duration of the delay. Moreover, individuals who