ITR Filing 2025: The last date for filing income tax return (ITR) is today on 15 September 2025. Hiding small mistake or information while paying tax can also become a big danger. If any necessary information is missed, then a fine of up to Rs 10 lakh and 6 to 7 years in jail. Let us know what special things are necessary to take care of.
If there is a property or account abroad, then definitely tell
If you live in India but you have a bank account, property, share or insurance abroad, then it is mandatory to fill it in Schedule FA in ITR. At the same time, if an income comes from abroad, it will have to be mentioned in Schedule FSI. It is necessary to mention the name of the country and the tax filled there. Hiding the information can impose direct punishment and heavy fines.
Compulsory to give details of Crypto and NFT
Nowadays many people invest in cryptocurrency and NFT. It is necessary to write all such transactions in Schedule VDA. It also has to tell the money along with the date of purchase and sale. Similarly, if you have shares of an unlisted company, it is mandatory to tell their purchase-sale and number of shares.
Strictness on those with more than 1 crore income
If your annual income is more than Rs 1 crore, then you will have to give complete information about your property and liability. This includes houses, jewelry, car, stock, cash, and given loans. On being a company director, you will also have to give your director identification number (DIN), company name, its PAN and listed and unlisted status.
Partnership and bank details are also necessary
If you are a partner in a firm, then the name, pan, status, your share or interest of that firm will have to be clearly told. Also, it is necessary to check the bank account details, so that the IFSC code and the account type are correct.
Don’t forget to do e-verification
It is necessary to do e-verification within 30 days after filling ITR. If this is not done then your filing will be considered invalid. Overall, even a small lapse can cause heavy damage while filing ITR. Therefore, file the return by giving full and correct information in time.