ITR Filing Ay 2025-26: The process of filing income tax returns (ITR) for assessment year 2025-26 has started. Now most of the taxpayers are engaged in raising accounts of financial year 2024-25 investment documents, salary slip, interest certificate and other income sources. However, some normal, but serious mistakes occur during this period. If they are avoided, then not only tax filing becomes easier, but can also get rid of fine, notice and unnecessary delay.
Let’s know about the 5 common mistakes that often occur while filing income tax returns. Also, you will know how to avoid these mistakes.
1. ignoring Form 26AS and AIS
Documents like Form 26AS and Annual Information Statement (AIS) give a detailed account of your financial activities and tax deduction. Before filling ITR, it is necessary to match them with their bank statements, dividend reports and other financial documents. This can prevent mistakes and inconsistencies and does not delay the return processing.
2. Missed in reporting all income sources
ITR has to include not only salary, but also to include saving account interest, FD, rent, capital gains, dividend and income of old current accounts. Hiding any income or abandoning by mistake can create doubt in the eyes of the Income Tax Department and can be fined heavy.
3. ITR not verification on time
Verifting it after filing returns is a compulsory process. According to the rules of the Income Tax Department, universified returns are considered invalid. Verification can be done through Aadhaar OTP, Net Banking or other electronic means. Delay can also affect verification refund process.
4. Selection of wrong ITR form
Taxpayers should choose the correct ITR form based on their income and financial activities. For example, ITR-1 is suitable for salary income of up to ₹ 50 lakh, while taxpayers with more than ₹ 1.25 lakh capital gains or more than one assets should be selected ITR-2. The wrong form may reject the return or increases the possibility of Scrutiny.
5. Missing ITR filing deadline
The last date for filling ITR for common taxpayers is 31 July 2025. Finding after the deadline can impose a fine of ₹ 1,000 to ₹ 10,000. Additionally, you can also miss many types of tax deductions and carry forward benefits.
Also read: Old vs New Tax Regime: What is the difference between old and new tax regimen, who will be beneficial to choose?
Disclaimer: This article is only for general information. Before taking a decision in cases related to income tax, take advice of a certified tax professional.