Common Mistakes to avoid while filing Tax

When you file for tax, there are “n” numbers of documents that need to be submitted like the last years bank statements, the property income, this income, that deduction, so on and so forth. Now with this list of documentations, there are also a number of documents that need to be filed with it. You pay taxes so that the government doesn’t come hunting for you and rightfully so you should pay your taxes on time. If you do make a mistake in these documents then a notice will be served to you by the department asking you to explain the mistake and then telling you to pay the tax. But there are some mistakes that happen while filling out such a long list of papers. Let me list down a few:


Filing for the wrong document-

I mean imagine filling an entire form and then realizing that you didn’t have to fill it in the first place and the worst part is if you submit such documents, then the document will come back as defective and you have to fill it all over again. So next time, you might as well check what you are filling for and to carefully review it.


Not reporting income from investments-

If you have a sizable amount in an investment portfolio and if you do get a nice hefty amount from it as an income, it is necessary that you include it while paying for the tax. Often people forget to check the box of the income from other sources while filing the document.


Not clubbing incomes-

Minors in this modern age do work and so while filing for tax, it is important for the taxpayer to include the income of the minor and then submit the papers. It is essential to pay taxes that come from these sources of income as well.


Not reporting all bank accounts-

With people having a sizable income package, it is not strange to see people owning 2 or 3 different bank accounts. But while that happens, it is vital that these accounts details are given and reported while filing for tax.


I know it’s impossible to remember all of these stuffs and still miss out on a few details and that’s why Corpus Juris, a legal consultancy firm with experts from around the globe and from the industry will help you in any kind of help that you need and will help you avoid such tax filing mistakes.

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