ITR Filing 2025: File Your Income Tax Return by July 31 — Avoid These 5 Mistakes or Face a Tax Notice
The time to file your Income Tax Return (ITR) for the financial year 2024-25 (assessment year 2025-26) is fast approaching.
The time to file your Income Tax Return (ITR) for the financial year 2024-25 (assessment year 2025-26) is fast approaching. The due date for ITR filing is July 31, 2025, and taxpayers are advised to start gathering their financial documents early to ensure smooth and error-free filing.
Table of Contents
New Tax Regime Set as Default Under Finance Act 2024
As per the Finance Act 2024, Section 115BAC of the Income Tax Act has been revised, making the new tax regime the default option for all taxpayers. However, eligible individuals still have the option to opt for the old tax regime, provided they do so within the specified time limit.
Before filing, it is crucial to analyze which regime is more beneficial based on your income, deductions, and exemptions.
Common Mistakes to Avoid While Filing ITR
1. Choosing the Wrong Tax Regime
Taxpayers must carefully compare the old and new tax regimes to determine which one offers better tax benefits based on their specific financial situation.
2. Incorrect Tax Deduction Claims
Claims under Sections 80C, 80D, and others vary depending on individual eligibility. Ensure you’re not missing out on deductions you are entitled to.
3. Errors in Personal Information
Mistakes in basic details like name, PAN, address, or bank account number can lead to ITR rejection or refund delays. Double-check all personal data before submission.
4. Missing Income Sources
Make sure to report all sources of income — including salary, rental income, freelance work, etc. — to avoid scrutiny or penalties.
5. Ignoring Form 26AS
Form 26AS, available on the income tax portal, reflects your TDS, tax payments, and other crucial financial data. Ensure it matches the information you’re providing in your return.
File Your ITR Before July 31 to Avoid Penalties
Missing the July 31 deadline may lead to penalties, interest, and other compliance issues. Filing your ITR on time, with accurate details and verified documents, not only makes the process smoother but also ensures quick tax refunds.
