Any mistakes in filing tax returns may land you in hot waters by making you to pay not only extra tax but also ah hefty penalty and interest. Some of the most commonly committed errors while filing tax returns are as follows:

Some taxpayers avail deduction more than once. Salaried taxpayers who might have shifted from one employer to some other are more prone to this mistake. As they might have received the Form 16 from both employers there are chances that they mistakenly try to avail deductions twice.     

Excluding income from interest is also one of the most common mistakes committed by taxpayers. Under the current rules, a taxpayer can deduct interest income of only up to Rs 10,000 from the taxable income. It should be kept in mind that any interest of more than Rs 10,000 earned from savings accounts, fixed deposits or recurring deposits are taxble.

Don't forget to mention exempt income. If your exempt income exceeds Rs 5,000, you will have to make use of ITR2 to file your tax return.

July 31st has been fixed as the last date for filing income tax returns this year. Those who have an annual income of more than Rs five lakhs will have to file their returns only online.