It will soon be that time of the year when individuals and taxpayers will start filing the income tax return for the financial year 2024–25. The deadline to file the ITR for FY25 or assessment year 2025-26 is July 31, 2025 and so it is the right time to start consolidating all your financial transactions during the fiscal.
The Finance Act 2024 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime. However, the eligible taxpayers have the option to opt out of new tax regime and choose to be taxed under old tax regime.
ITR Filing 2025 Date
To file the income tax return for the financial year 2024-25, taxpayers must note that the due date is July 31, 2025. Since filing the return of income can be a time-taking task, especially for the first timers or those with multiple income sources, it is important to keep these common mistakes under check.
For a smooth, uninterrupted tax return filing process, individuals must note that they need to keep a track of some of the basic steps, that can prevent common mistakes like the following –
Wrong Tax Calculation – This could perhaps be the most common mistake a taxpayer can make. Since there are two income tax systems – old and new tax regime – it is necessary to figure out which one suits your needs. Both tax regimes offer different incentives to taxpayers.
Incorrect Tax Deductions – Since different taxpayers and individuals can be eligible for different sets of exemptions under the income tax act, it is important to know what deductions you can claim while filing the return of income. These include Section 80C, 80D, among others.
Incorrect Personal Details – While filing your return of income, it is a must to double check your name, PAN, address, bank account and other personal details. This would help in ensuring that their the income tax return does not face any rejection or delays by the tax officials.
Missing Income Sources – Do not forget to report any of your income sources during the financial year, if you have multiple.
Form 26AS – Available on the income tax portal, this document contains a consolidated record of taxes deducted, taxes collected and advance tax payments made. Reviewing it would help ensure that all reported income and taxes match official records.
Source: ET NOW
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