The Central Board of Direct Taxes (CBDT) has notified all Income Tax Return (ITR) forms for assessment year (AY) 2025–26, corresponding to the financial year 2024–25.
While the structure of the forms remains mostly unchanged, they now include updates from the Finance Act. These reflect relief for small long-term capital gains (LTCG), a higher threshold for foreign asset disclosure, and more detailed capital gains reporting.
As filing season picks up, taxpayers should watch out for common errors. These can lead to delays, notices, or rejection of returns.
Key mistakes to avoid:
Mismatch in income details
Ensure income in the ITR matches Form 26AS, AIS (Annual Information Statement), and TIS (Taxpayer Information Summary). Differences can trigger notices.
Selecting the wrong ITR form
Choose the correct form based on income type. For example, salaried individuals with income up to ₹50 lakh should use ITR-1. Business income or capital gains require other forms.
Not reporting all income
Declare all sources, including exempt income like PPF interest or agricultural income. Also report reincome from second homes, if any.
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