Filing Your ITR? Make sure you’re not making THESE 5 mistakes

Filing ITR? Avoid these 5 common mistakes to prevent tax notices. Learn how to file your income tax return correctly.

ITR Filing Alert

If you are employed, a freelancer, or earn through any other means, this news regarding income tax return (ITR) filing is important for you. The deadline for ITR filing for the financial year 2024-25 is July 31, 2025. Are you prepared? A small mistake can get you a notice from the IT department. Avoid these common ITR filing errors.

1. Incorrect Tax Calculation - High or Low? Both are Dangerous

The new tax regime is now default, but taxpayers can opt for the old slabs. Problems arise with incorrect calculations. Deductions differ in both regimes. Compare both regimes, use a tax calculator, and choose wisely.

2. Claiming Wrong Tax Deductions

Many claim deductions under sections 80C, 80D, 80G without valid documents or for ineligible items. Understand the rules and eligibility for each deduction. Keep investment certificates, policy documents, and medical bills ready. Claim only what you can prove.

3. Errors in Personal Information - Small Mistakes, Big Trouble

Typos in name, wrong PAN, old bank account, or address can lead to ITR rejection or refund delays. Unlinked PAN and Aadhaar will halt processing. Double-check all information, verify PAN-Aadhaar linkage, and ensure bank details are current.

4. Hiding Income Sources is a Big Mistake

Hiding income sources is nearly impossible. Disclose all income from rent, investments, or freelancing. Maintain records, gather Form 16, bank statements, rent receipts, and freelance income details. Ensure no income is missed.

5. Ignoring Form 26AS - A Big Mistake

Form 26AS contains TDS entries, tax payments, and other details. Mismatched information leads to notices. Download Form 26AS before filing, compare entries, and rectify mismatches with your employer or tax advisor.

New Tax Regime is Default, But You Have a Choice

The new tax slabs are default under the amended section 115BAC of the Finance Act 2024. The old regime is still available; choose before filing. Changes are impossible after ITR submission.

Timely ITR Filing is Beneficial

For easy filing, timely refunds, and no IT notices, avoid these 5 mistakes. Correct documentation, accurate calculations, and honesty are key to ITR filing.