Here is a simple guide to filing your ITR for FY 2024–25, key changes from Budget 2024, common mistakes to avoid, and important deadlines to remember.
Saloni Kumari | Jun 3, 2025 |
Filing ITR for FY2024- 25? Avoid These Mistakes While Filing ITR
As the tax filing season begins, taxpayers have been given a 45-day extra window to file their returns. The deadline has been extended from 31 July to 15 September because Budget 2024 introduced major changes to ITR forms. While this extension is helpful, these changes might still lead to mistakes when filing your return.
Not following the new rules isn’t the only risk. Even with improved online filing, like pre-filled forms and automatic checks, people still make errors. An expert says, “The pre-filled data from Form 16, 26AS, AIS/TIS, real-time validation and auto-calculations have reduced the chances of errors, but if the data you provide and confirm is not correct, it may lead to mistakes in the return.”
Some common mistakes include choosing the wrong ITR form, not reporting all sources of income, not matching your income with tax details, and errors in HRA claims or while switching jobs. These issues can cause wrong tax amounts, penalties, notices from the tax department, the need to refile, and delayed refunds.
Below are mentioned few mistakes that should be avoided while filing ITR (Income Tax Return).
Numerous people choose the wrong form or skip filing completely. For example, if you earn long-term capital gains (LTCG) up to Rs. 1.25 lakh from stocks or equity mutual funds, you can now file ITR-1 instead of ITR-2 or 3.
Even if your tax is zero, you might still need to file, like if you’ve spent over Rs. 2 lakh on foreign travel or want to claim a refund. Only people with a total income below Rs. 2.5 lakh (old regime) or Rs. 3 lakh (new regime) are fully exempt.
The Budget has altered the method of taxing capital gains. Long-term gains from shares and equity mutual funds, from 23 July 2024, will be taxed at 12.5% without indexation; short-term gains will be taxed at 20% (was 15%).
You must also split capital gains into “before” and “after” 23 July 2024 in your ITR. And if you want to use the old tax regime, you need to file Form 10-IEA—the new regime is now the default.
Always check your Annual Information Statement (AIS) and Form 26AS before filing. They show income earned, tax deducted (TDS), and high-value transactions.
Compare these with your bank statements, Form 16, and investment proofs. If there are errors, contact the source (like your employer or bank) to fix them.
Numerous people forget to include some incomes such as interest from savings accounts, fixed deposits, rent below Rs. 50,000, freelance work, crypto gains, or foreign income.
Lastly, don’t forget about your spouse’s income (if assets were gifted), and any income from minor children would also be taxable in your name.
You can still file your tax return after the due date, until 31 December 2025. However, you’ll have to pay the same penalty as if you missed the 15 September deadline. On top of that, the tax officer may charge an extra penalty of up to Rs. 1.5 lakh or 0.5% of your total business turnover—whichever amount is less.
You are required to file an ITR as per these conditions:
You’re exempt from filing if:
Your annual income before deductions and exemptions is:
Even if you’re exempt, file a return if…
Even if you’re exempt, it is mandatory to file a return if:
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"
