ITR Filing 2025: The government has extended the last date to file income tax returns for 2025 to September 15, as opposed to the typical July 31. However, it is advisable to file ITR before the due date to avoid making last-minute mistakes during the rush and get room to correct them if you have entered any wrong detail.
You need to mandatorily file your ITR if your total income is over ₹2.5 lakh under the old tax regime. For the new tax regime, the requirement is an income of ₹3 lakh and above.
You will have to file an ITR if your total income exceeds these amounts, even if you do not pay taxes. However, delaying ITR filing can lead to a number of mistakes that you would want to avoid to stay away from consequences including penalties.
Here are 10 ITR filing mistakes you should avoid in 2025:
1. Selecting the wrong ITR form: Selecting the wrong ITR form can lead to disruptions and a defect notice. For example, you should file ITR Form 1 only if your salary is less than ₹50 lakh and you have no capital gains.
2. Not verifying ITR: Filing but verifying your ITR is the same as not submitting your Income Tax Return on time. You must e-verify your ITR after successfully e-filing your income tax return.
3. Putting the wrong assessment year: If you are filing your income tax return for this year, you must select AY is 2025-26. Mentioning the incorrect AY attracts unnecessary penalties.
4. Entering wrong details: Furnishing wrong details including name, address, mail ID, phone number, PAN, date of birth can lead to hassles. You must also enter your bank details correctly to get the claimed penalties in your account on time.
5. Not disclosing income: You should not just declare your primary source of income, but also savings account interest, fixed deposit interest, rental income from house property, income from short-term capital gains and others in your ITR filing. Taxpayers often make this mistake that can lead to penalties and tax notices.
6. Not following correct format: The details in ITR forms need to be entered in the correct format. If not done in the correct way, it may lead to wrong ITR filing and errors in returns.
(This is a developing story. Check back for updates)
