Blogs

It’s that time of the year again — the July 31st deadline for filing your Income Tax Return (ITR) is almost here. And if you’re one of the many who plan to file in the last few days (or hours), you’re not alone!

But here’s the catch — rushing your ITR can lead to simple mistakes that cause refund delays, notices, or worse… penalties.

At Malav C. Sheth & Co., Chartered Accountants, we’ve seen it all — from missed interest income to wrong ITR forms. So before you hit “submit,” check if you’re falling into one of these common traps.

---

⚠️ 1. Not Matching With AIS or Form 26AS

A lot of people only go by Form 16 or broker reports. But the Income Tax Department has its own records (called AIS and 26AS), and if your return doesn’t match — expect trouble.
💡 Always cross-check your income and TDS before filing.

---

⚠️ 2. Picking the Wrong ITR Form

This is more common than you think.
If you have capital gains or freelance income and you’re still filing ITR-1 — that’s a red flag.
✔️ Using the correct form is half the battle won.

---

⚠️ 3. Forgetting Foreign Income or Tax Credit

Got income from abroad? Or tax deducted by a foreign company (like in Oman or UAE)?
You may be eligible for Foreign Tax Credit, but you must report everything correctly and file Form 67 before filing your ITR.

---

⚠️ 4. Missing Interest Income

Savings accounts, FDs, RDs — they all give you interest, right?
Even if it’s a small amount, and even if TDS is deducted — you need to mention it in your return.

---

⚠️ 5. Messing Up Capital Gains

If you’ve done trading or mutual fund investing, this one’s for you.
All gains need to be split properly (before 15 June, 15 Sep, etc.) and divided into equity, debt, hybrid, etc.
📊 With multiple brokers, this gets complicated. Don’t wing it.

---

⚠️ 6. Wrong Bank Account = No Refund

Sounds silly, but people do forget to update their refund account.
Make sure your bank account is pre-validated and linked with your PAN.
Otherwise… no refund.

---

⚠️ 7. Not Reporting Exempt Incomes

Even if income is tax-free (like PF interest, family gifts, dividend), it’s still a good idea to declare it.
The tax department loves transparency — and notices don’t.

---

🎯 What Happens If You Mess Up?

• Refunds get stuck
• You may get an income tax notice
• Late fees or even penalties
• Risk of scrutiny later (even years later)

---

👨‍💼 What We Suggest at Malav C. Sheth & Co.

• We don’t just “file” returns — we match every entry with AIS, broker reports, and department data.
• We give special attention to NRIs, investors, business owners, and professionals.
• If there’s foreign tax, we help claim it properly.
• Every return is reviewed by a professional — not auto-uploaded blindly.

---

📢 Final Reminder

If you’re unsure about anything — let us help you file correctly and confidently.

📞 Call or email us today.
🌐 Visit us at: www.camalavsheth.com
📩 Email: incometax@camalavsheth.com

🕓 Don’t wait till the last day.
File smart. File stress-free.