Do not make these mistakes while filing ITR, refund may get delayed
New Delhi (The Uttam Hindu): So far more than 6.7 crore taxpayers in the country have submitted their Income Tax Return (ITR) and many of them are waiting for refund. Many times, despite filing ITR, you do not get the refund on time. There can be many reasons for this, which we are going to tell about in this article below.
Not doing e-verification: It is not enough to just submit the ITR but it is also necessary to verify it within 30 days of filing. If you do not do this, your refund gets stopped. In many cases, taxpayers may have to pay a penalty of up to Rs 5,000. Not updating AIS data.
Bypassing: Annual Information Statement (AIS) contains all the important details of your income, bank account and investments. If the AIS data is different from the information given in ITR then your refund may be stopped. Apart from this, the Income Tax Department can also send you a notice. In such a situation, it is considered very important to match the AIS with ITR while filing.
Selecting the wrong ITR form: Different ITR forms are issued by the Income Tax Department according to the income and business of the taxpayers. For the assessment year 2025-26 (financial year 2024-25), ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 have been issued by the Income Tax Department. For example, those with a salary of up to Rs 50 lakh per annum have to fill ITR Form 1. At the same time, those with income up to Rs 50 lakh from business and profession have to fill ITR Form 4. In such a situation, if a taxpayer selects the wrong ITR, then his refund may be stopped.