Filing ITR 2024? Don't let these errors cause ITR rejection
The Indian Income Tax Department may reject your Income Tax Return (ITR) form due to several reasons. Incomplete or inaccurate information, including typographical errors in personal details or inaccuracies in income figures or claimed deductions, is a common cause of rejection. Such inaccuracies can lead to processing delays, application rejection, and potential penalties.
Income discrepancies: A major concern for tax authorities
Income discrepancies pose a significant concern for tax authorities in India. The department may reject your ITR if there's a disparity between the income you declared and the income reported by your employer or other sources. This discrepancy arises as the department receives data from multiple sources such as employers, banks, and investment institutions.
Incorrect tax assessment: A significant cause of ITR rejection
Incorrect tax assessment is another major reason for ITR rejection. Errors in computing taxable income, deductions, exemptions, or tax rates can result in rejection. It's crucial for taxpayers to adhere to the latest tax rules and regulations as they are subject to change. Failure to comply with these changes can lead to the rejection of your return.
Importance of timely submission and verification in ITR filing
Timely submission is a critical factor for successful ITR filing. Missing the specific filing deadline for ITR forms increases the likelihood of rejection. Failure to meet the deadline can lead to penalties or rejection of your return. Additionally, failure to include a signature or verification can also cause significant issues, potentially resulting in your return being rejected.
Technical glitches and quality concerns in ITR filing
Technical issues with the ITR filing system might also lead to submission errors. These glitches can vary depending on the particular ITR filing system and include data transfer errors, system overload, validation issues, and security certificate errors. If you're submitting a paper form physically, ensure it is printed clearly on A4 sheets as poor quality forms may be rejected during processing. Verifying your ITR within 30 days of filing is also critical. You can follow these steps for online verification.
