While filing ITR Verify details, report all income, claim deductions, match Form 26AS, file before due date to avoid penalties and ensure accurate processing of refunds
CA Pratibha Goyal | May 6, 2025 |
5 things to take care while filing Income Tax Return Form
The Income Tax Return (ITR) filing season is finally here. Its high time when one should start collecting important documents like salary slips, rent receipts, Bank Interest Certificates, share trading certificates, etc. required for filing Income Tax Return. Salaried Taxpayers might need to wait till 1st week of June to get their TDS Certificate required to file ITR.
To avoid last-minute chaos, and an income tax notice, here are the things you need to take care while filing the income tax return form.
The due date to file an income tax return for the financial year 2024-25 is 31st July 2025 for non-audit cases and 31st October for audit cases. Make sure you file your ITR before the relevant date.
In case you miss filing the ITR within the due date u/s 139(1), you can still file your income tax return, but you may be required to pay a late filing fee of up to Rs. 5000. Additionally, you will also be required to pay interest on the tax liability (if any).
Late ITR filing can also have other consequences like
An incorrect ITR Form makes the filed ITR defective, deemed as an invalid ITR or return not filed. Thus, choosing the correct ITR form is very important.
For example, a salaried taxpayer with salary and interest income up to Rs. 50 lakh will file ITR-1. But if he is a director or holds shares of an unlisted company, the taxpayer will file ITR-2. Here many taxpayers, for the sake of saving complications and money, file ITR-1, which is not correct.
Indeed, ignoring the Annual Information Statement (AIS) and Form 26AS and not reporting of all Incomes like Share Trading Transactions, Capital Gains, Savings or Fixed Deposit Interest, Rent, Professional incomes etc. can land you in big-time trouble. The ITR that you file is matched with your TDS deducted or transactions Reported in the AIS. Any mismatch can invite an Income Tax Notice.
Also, take care if you have done a high value transaction like purchased House or made big investment in Mutual fund or shares or FD or made a cross border transaction. Make sure, that your Income is commensurate with the amount invested, else same can invite a scrutiny notice.
An unverified ITR is an Invalid ITR, deemed as an ITR not filed. Verify your return after filing and you can opt for e-Verification using Aadhaar OTP or Bank EVC, which is the easiest way to verify your ITR.
Once ITR is filed and E-verified, be vigilant with the ITR processing and credit of income tax refund, if any. Once ITR is processed, you get Income Tax intimation u/s 143(1). Make sure that you file appropriate responses for the notices received from the ITD within the specified timelines, as required.
Also, if ITR is processed with a refund, make sure you pre-validate your bank account to receive your refund.
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