New Delhi: The Income Tax Return (ITR) filing season is nearing as 31st July 2025 is the last date set by the Income Tax department for taxpayers to file their returns. Several people make such common mistakes while filing ITRs, due to which they have to face notice or penalty. In this article, we inform you about important things which could help you in avoiding making mistakes while filing Income Tax Return.
- Make sure to fill in the correct information, like PAN, Aadhaar number and date of birth as any mismatch in the records will create a problem in filing the ITR.
- The taxpayers should make sure to cross check their bank accounts and make sure that the details are updated on the Income Tax portal and linked to the mobile number and email ID.
- People filing ITR should fill the appropriate ITR form. If a taxpayer fails to choose the correct ITR form according to his/her income, the return may be considered invalid. The ITR forms are decided according to the income category.
- Taxpayers are mandated to disclose all income sources from savings accounts, income from Fixed Deposit, rent or freelance income. The ITR filers should not conceal any income that may attract notice or penalty.
- The people filing ITR should match the details of TDS, TCS and Advance Tax with Form 26AS as any discrepancy could lead to the return considered defective.
- Do not claim the wrong deductions. People should claim only those exemptions for which they can provide proof, such as 80C, 80D, 80G etc. The Income Tax department is authorised to take action if they find fake claims.
- Provide details of all bank accounts and mention the details in ITR as failure to do so may raise suspicion. It is very crucial to select the correct assessment year as choosing the wrong financial period could lead to problems in return verification.
- The taxpayers should not forget to verify ITR after filing the return. They should e-verify it within 30 days or send a signed copy to CPC Bangalore. If the verification is not done, the return will be invalid.
- Don’t miss the deadline to file Income Tax Return – July 31, 2025, as it would attract penalty and interest.
The July 31, 2025 ITR filing deadline is approaching rapidly. Many taxpayers make avoidable mistakes leading to penalties. This article highlights crucial steps to prevent errors, including accurate information entry (PAN, Aadhaar, DOB), verifying bank details, selecting the correct ITR form, disclosing all income sources, matching TDS/TCS/Advance Tax details with Form 26AS, claiming only valid deductions, providing complete bank account information, choosing the correct assessment year, and timely ITR verification. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
