New Delhi: As the income tax return (ITR) filing deadline draws near, taxpayers across the country are busy gathering important documents such as interest certificates, dividend statements, salary slips, and other income details. Filing your return on time not only helps you stay compliant but also ensures smoother processing and quicker refunds. For the financial year 2024–25, the last date to file your ITR is September 15, 2025—so it’s the right time to get everything in order and avoid last-minute stress.
Here’s what precautions you should take while filing your ITR:
1) Choose the Right ITR Form
Start by selecting the correct Income Tax Return (ITR) form based on your income sources and taxpayer category. Make sure to fill in all required details accurately which includes your total income, deductions, interest (if any), and final tax payable or refund amount. Using the wrong form or missing information could delay processing or lead to errors. (Also Read: UPI To Stop ‘Request Money’ Feature from October 1 To Prevent Scams)
2) Check Form 26AS for Tax Details
Download Form 26AS from the income tax portal to see a summary of the tax you’ve already paid — including TDS (Tax Deducted at Source), TCS (Tax Collected at Source), and advance tax. Make sure the details match your records. If you spot any mismatch, take steps to fix it before filing your return.
3) Review Your Annual Information Statement (AIS)
Log in to your income tax e-filing account and check your Annual Information Statement (AIS). It gives a detailed overview of your financial activity for the year — including taxes paid and high-value transactions like interest income, stock trades, and property purchases. Make sure everything looks accurate before filing your return. (Also Read: Instant e-PAN Services Will Not Be Available For THESE Two Days Due To…)
4) Gather and Organize Your Documents
Collect all the important documents you’ll need to file your tax return. This includes bank statements or passbooks, interest certificates, proof of investments for deductions, and if applicable, your business’s books of account, balance sheet, and profit & loss statement. Reviewing these carefully will help ensure your return is accurate and complete.
5) Verify Your Personal and Bank Details
Make sure all your personal information—like your PAN, address, email, and bank account details—is accurate and up to date before submitting your return. Correct details help avoid delays in processing and ensure any tax refunds are sent to the right place.
6) File Your ITR on Time
The most important step is to file your income tax return by the due date. Avoid delaying or filing late, as it can cause several problems:
– You won’t be able to carry forward losses (except real estate losses).
– You may have to pay interest under Section 234A.
– A late filing fee of up to Rs. 5,000 may be charged if you miss the deadline. However, if your total income is ₹5 lakh or less, the fee is limited to Rs. 1,000.
– You could lose certain exemptions under sections 10A and 10B.
– You may lose deductions under sections like 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, and 80-IE.
– Other deductions under sections such as 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB, and 80RRB may also not be available (applicable from AY 2018-19 onwards).
What Happens If You Miss the September 15 Deadline?
– Belated Return: You can still file your return by December 31, but you’ll have to pay late fees and interest. Also, you won’t be allowed to carry forward any losses.
– Revised Return: If you find mistakes in your original or belated return, you can correct them by filing a revised return up to December 31.
– ITR-U (Updated Return): You have up to 48 months to update your return by paying an additional 25 per cent to 70 per cent of the tax due.
– CBDT Condonation: In some special cases, the tax department may grant relief or allow late filing under Section 119(2)(b).