00:00What are the common mistakes people make when filing their ITR?
00:19Let me tell you some of the common mistakes people make while filing their ITR
00:24First of all, they take the wrong form of income tax return
00:27Let's say you have income from your salary, house property, income less than 50 lakhs
00:32So you can use ITR 1
00:34If you have income from your capital gain, then use ITR 2
00:36If you have income from your business, then use ITR 3
00:38If you have income from your presumptive tax, then use ITR 4 etc
00:41So what people do is they take the wrong form
00:43First of all, this is a mistake, because of which your return can be rejected
00:46Secondly, you don't show your entire income
00:48You lose some of your income
00:50You said what you have to prepare before 31st March
00:53So you have to collect all your income
00:55This is also a mistake people make
00:57They forget to show their income
00:59Secondly, they miscalculate their deductions
01:01Let's say it's ATC, you don't have to include anything in that category
01:05You have included it in ATC
01:07That is a mistake
01:08And a very big mistake that is happening with people these days
01:11I have been seeing it for the past few years
01:13It is very important to mention
01:15That is 26AS
01:1626AS is where all your TDS is reflected online
01:19That is, whatever tax is deducted and deposited on your income
01:23That is 26AS
01:24I have given it a new name
01:2626AS is a form number
01:28I have given it a very interesting name
01:3026 Aamna Saamna
01:32That is, your Aamna Saamna happens from your TDS
01:35You open it and see
01:36And where your income has come from, that 26AS
01:38People don't reconcile
01:40If you do it without reconciling with 26AS
01:42Then there will be a fault in your return
01:46Because it won't match
01:47That is, the income that you have shown
01:49And the TDS that you have shown
01:50And what is written with the government
01:52It won't match
01:53So you should reconcile with it once
01:56Apart from this, another mistake that people make
01:58They fill their bank account separately
02:00And it is important to fill the bank account properly
02:02Let's say you have to get a refund
02:04Then there won't be a refund
02:05Then people say that we didn't get a refund
02:07If the tax is deducted, then you know that there is a refund
02:10And if you have filled the bank account detail wrong
02:14Then your refund will bounce
02:16So fill the bank account details very carefully
02:19And do it properly
02:20Secondly, some people have assets abroad
02:22There is income abroad
02:24So there are schedules given in the income tax return
02:26Where you show foreign assets, foreign income
02:28People often forget that
02:30I think they should not forget
02:33And in which slab do you come
02:36In which category do you come
02:37All increase carefully
02:38And those who think that we can't do all this
02:41Or we will have to go to a tax lawyer
02:44Have to go to a tax expert
02:46It is not like that
02:47If you read it carefully
02:49I think it is very simple
02:51It looks very complicated to see and feel
02:55But when you go inside it
02:56If you read it
02:57So these days, everything is written systematically on the income tax portal
03:00So I would like to request all the followers and viewers of Daily Hunt
03:06You should try to file your return yourself
03:09This will give you confidence
03:11Your knowledge will increase
03:12And if you are spending something
03:14To give it to your professional
03:15That money will also be saved
03:16Give it to a CA or a lawyer
03:18The money will also be saved
03:19The CA's and lawyers who are listening to me
03:21I would like to apologize to them
03:23If they are thinking that they are kicking us on the stomach
03:25By saying this
03:26So it is nothing like that
03:27Because I also have the same wish
03:29The more educated people will be
03:31The better it is for the government
03:33It is also good for them
03:35So increase your return very carefully
03:36You said that what are the things that are not wrong
03:38So the things that I have told
03:40There are also preventive steps hidden in them
03:43Like I said, choose the right return
03:45Return form
03:46So you see in which category you come
03:47Where is your income coming from
03:49According to that, you choose the return form
03:51So you will not make a mistake
03:54There are many people who
03:58Do not come under the tax circle
03:59But they file ITR
04:01There are many people who do not come under the tax circle
04:04They do not even file ITR
04:05So in this case, I would like to ask you
04:07Tell our viewers this thing
04:09To file ITR
04:11Whether you come under the tax circle or not
04:13But what are the benefits of filing ITR
04:15What are the benefits
04:18See 8 crore and 40 lakh returns
04:22Were filed last year
04:23Around 8.5 crores
04:24And 2 thirds of the returns were such
04:26In which tax was not made
04:28That is, there were 0 tax returns
04:30So in total, those who gave tax
04:31They were 2 crores
04:32So you see
04:33There are a lot of people
04:34Who do not even pay tax
04:35But still file returns
04:37I am telling you the government figure
04:39Which has just come out
04:41So filing returns is a good habit for you
04:43I think if you file returns
04:45You have to take a loan tomorrow
04:46There will be benefit
04:47Tomorrow you have to apply for a visa
04:49Of any country
04:50Returns are asked there
04:52It is considered for your income profiling
04:54So that's why I will advise you
04:56If you have a return
04:58Then you should file
04:59You should not avoid filing returns
05:01And if your TDS is cut
05:03That is, the tax head source is cut
05:05So to take a refund of the tax head source
05:07You will also have to file a return
05:09And if you have done a foreign transaction
05:11It is still mandatory
05:13If you have taken a property
05:14And sold it
05:15It is still mandatory
05:16So there are many such things
05:17Where tax is not made
05:19It is worth noting
05:20Tax is not being made
05:21But still it is necessary to file a return
05:23And the two main purposes I told
05:25Be sure to keep them
05:26If you are taking a housing loan
05:28And if you want to apply for a visa
05:30For this
05:31Sometimes you are applying for a big credit card
05:33For that also you need a return
05:35So that's why if your return is being made
05:38You check if you have applicability
05:40And you file it
05:42Finally, after the financial year
05:44People start planning for the next year
05:47So from April 1, 2025
05:50Tax planning for the next financial year
05:53How can it be done
05:54What should be taken care of
05:56What can be done
05:57What tips will you give our viewers about this
06:00I will conclude by saying this
06:05What you asked in the beginning
06:07It is very important to decide your regime
06:10Which regime you are in
06:12And till last year
06:13That is, 31st May 2025
06:15I think the number of old regime people
06:18Was about 1 third
06:192 third people were in the new regime
06:21So that's why they have to decide their regime
06:25After deciding the regime
06:26You will be able to plan
06:28What you have to do
06:29I think the rest of what we have said in the show
06:31All the answers are hidden in it
06:33And I hope after watching this show
06:35You will have more confidence to file a tax
06:38And you will try to file it yourself
06:40If you have any more questions
06:42I am sure your direct message
06:44People can put you below
06:46So Shorachi, thank you so much
06:48For sharing all the information
06:50All the insightful details
06:52You have shared with us
06:54I am sure our viewers
06:56Would have got a clear understanding
06:58What mistakes should not be made
07:00What are the basic things
07:02The basic understanding that a common man should have
07:05I am sure you would have got that
07:07Thank you so much for connecting with us
07:09To talk
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