ITR 2025: The income tax return filing season has begun. However, this time taxpayers have got more time to file their returns. Taxpayers can file ITR till September 15. Normally, the last date for filing returns is July 31.
Tax experts say that even though the Central Board of Direct Taxes (CBDT) has extended the last date, taxpayers should not wait for the last date to file their returns. The reason for this is that in the rush to file returns near the last date, you can make a mistake, which can cost you a lot.
Be careful and vigilant while filing returns
The Income Tax Department wants to bring maximum people under the purview of compliance. For this, it is constantly strengthening its surveillance system. It keeps a watch on the high value transactions of people. If the department feels that the high value transactions of a taxpayer do not match his income, it sends a notice to the taxpayer.
Therefore, you need to be very careful while filing your income tax return. You have to remember that every income, big or small, has to be declared in the return. If you have earned profit by investing in cryptocurrency, then you have to declare it in the return.
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In case of error, a revised return can be filed.
A partner at a tax consultancy firm said that you should take your income tax return very seriously. Before filing your return, you should collect complete information about all your income. If you forget to declare any income in your return, you may later get a notice from the Income Tax Department. If the department feels that you have done it intentionally, then you can get into big trouble.
Taxpayers may have to pay penalty
Section 276C of the Income Tax Act, 1961 states the steps that the Income Tax Department can take against a taxpayer if it is proven that he is at fault. These include claiming wrong deduction, using fake receipt or certificate for deduction, action to be taken for not disclosing any income in the income tax return.
According to this section, if a taxpayer is found guilty, he may have to pay a fine of up to 200 percent of his tax liability. Not only that, he may also have to go to jail.
A deliberate mistake can result in imprisonment.
Section 276C states that if a taxpayer intentionally evades tax and the amount evaded exceeds Rs 100,000, he can be sentenced to imprisonment. Initially, the sentence will be for 6 months, but later it can be increased to 7 years.
Apart from this, a penalty can be imposed on the taxpayer. Tax experts say that if a taxpayer unintentionally forgets to disclose any income, then he does not need to worry. If he remembers, then he can file a revised return. If you do not remember later and the Income Tax Department sends you a notice, then you can tell the department the truth.
