The deadline for filing Income Tax Returns (ITR) for the financial year 2024-25 (assessment year 2025-26) is 31st July 2025. It is essential to file your return before this date to avoid penalties or late fees.
Key Points to Keep in Mind for ITR Filing:
- Tax Regimes:
- New Tax Regime: The Finance Act 2024 has made the new tax regime the default option under Section 115BAC of the Income Tax Act. However, you can still opt for the old tax regime if it benefits you more.
- The new regime offers lower tax rates but fewer deductions, while the old regime provides various exemptions like Section 80C, 80D, etc.
- Documents to Gather:
- Collect all relevant documents such as Form 16, bank statements, proof of deductions, and interest certificates. Organizing these documents will make filing smoother.
- Check for Deductions:
- Ensure you're aware of the deductions available under each tax regime. Section 80C allows deductions for investments, insurance premiums, and more, while Section 80D offers deductions on health insurance premiums.
- Common Mistakes to Avoid:
- Ensure the correctness of details like your name, address, PAN, and bank account number. Incorrect details may result in rejection or delayed refunds.
- If you have multiple sources of income, include them all accurately in your return.
- Cross-check Form 26AS:
- Form 26AS contains important information about your TDS, tax payments, and other details. Ensure that the information you provide in your ITR matches with what's shown in Form 26AS to avoid discrepancies.
- Refund Delays:
- If you provide incorrect or mismatched information, the tax department may delay processing your refund or even reject your return. Double-check your forms before submission.
