TDS reconciliation errors can trigger rectification and penalties when filing income tax returns, including interest and penalty consequences
Errors in filing income tax returns commonly arise from failures in TDS reconciliation, omission of required post-filing steps, and inaccurate taxpayer details. Taxpayers must reconcile Form 16/Form 16A with Form 26AS to correctly claim TDS; failure to do so creates additional tax liabilities. Other operative mistakes include incorrect bank account and IFSC details, misreporting Aadhaar, passport and foreign asset income, wrong TAN or residential status entries, excess deduction claims, false tax payment claims leading to interest and penalty consequences, and selecting the wrong ITR form based on income sources. (AI Summary)