Errors to be avoided while filing income tax return
1) Availing of deduction twice
This error is commonly committed by salaried taxpayers. If you had switched jobs during the previous financial year, you might have got the Form 16 from both employers. While the first company may have deducted the tax correctly, the second might have deducted very little. It would have considered only the income for the rest of the year and given you the basic exemption of Rs 2 lakh, as also the deduction under Section 80C. However, these must have already been factored in by the previous company.
But you cannot escape by ignoring the previous income in […] Read more