The deadline for filing income tax returns for the financial year 2024-25 (ITR Filing Deadline 2025) is 31 July. As this deadline is approaching, experts are advising taxpayers to be careful while filing ITR (ITR Filing 2025).
In fact, many times the application gets rejected due to a slight mistake. In case of mistake, you may not only have to pay penalty but may also get a notice from the tax department.
To avoid penalty, delayed refund or scrutiny by the Income Tax Department, it is important to be careful while filing your taxes.
Today we will tell you what kind of common mistakes are often made while filing income tax returns and how they can be avoided.
Prepare early to avoid last minute rush
ITR forms for FY 2024-25 are available. This means you can start preparing to file returns from now onwards. People often make mistakes in a hurry near the deadline. Due to this, they either have to file the return again or have to face a notice from the Income Tax Department.
Choosing the wrong form
One of the common mistakes people make while filing returns is selecting the wrong ITR form. There are seven different forms for different income and taxpayer categories. If you do not select the right form, your return will be invalid and you will have to file ITR again.
For example, if you are employed and you have filled ITR-3 or ITR-5 form, which is for those having business or professional income, then it will become invalid and you will have to file ITR again.
You may have to pay a fine if you miss the deadline
The last date for filing ITR is 31 July 2025. If a person files the return after this date, he may have to pay a fine of up to Rs 10,000. Not only this, if you file the return late, you will not get the benefit of tax deductions and the losses cannot be carried forward. Therefore, filing the return on time is not only legally mandatory, but it is also beneficial for you.
Disclose income from all sources
Many times people show only their main income, such as their salary or business income, while filing returns. They forget to mention income from other sources or deliberately try to hide it. Do not make this mistake as it can cost you dearly. Other incomes such as interest on savings or fixed deposits, income from rent or capital gains from mutual funds. It is important to mention income from all these sources.
If you hide such income, the tax department can easily know about it from your Form 26AS or AIS (Annual Information Statement) and can send a notice if caught.
After filing the return, its verification is also necessary
Many times people file the return but forget to verify it. Let us tell you that any return without verification is considered invalid. That means after filing the return, it is equally important to verify it. You can do the verification process online through Aadhaar OTP or net banking. Remember this step is mandatory.
Must review Form 26AS and AIS
Before filing the return, you should review your Form 26AS and AIS (Annual Information Statement). These documents show which transactions have taken place in your name and how much tax has already been deducted. If the information you have given in the form does not match with these documents, then it can immediately come to the notice of the tax department. Therefore, it is important that the information you have filled while filing the return matches with these.
