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As the ITR filing deadline approaches, taxpayers are collecting their essential documents like interest certificates, dividend statements, salary slips, and other income records. The last date to file an income tax return for the financial year 2025 is September 15, 2025.
Here's what precautions you should take while filing your ITR.
1) File your ITR on time
The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing a belated return. The following are the consequences of delay in filing the return of income/ Loss (other than house property loss):
a. Losses cannot be carried forward.
b. Levy of interest under section 234A.
c. Late filing fees under section 234F are levied for returns filed after the due date. Late filing fee of Rs 5,000 shall be payable if the return is furnished after the due date. However amount of late filing fees to be paid shall be Rs. 1,000, if the total income does not exceed Rs. 5 Lakh.
d. Exemptions under section 10A, section 10B, are not available.
e. Deduction under 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, are not available.
f. Deduction under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB are not available. (From AY 2018-19)
2) Download Form 26AS
The taxpayer should download Form 26AS and confirm the actual TDS/TCS/Tax paid. If any discrepancy is observed, then suitable action should be taken to reconcile it.
3) Compile all documents
Compile and carefully study the documents to be used while filing the return of income, like bank statement/passbook, interest certificate, investment proofs for which deductions are to be claimed, books of account and balance sheet, and P&L A/c (if applicable), etc.
4) Identify the correct ITR form
No documents are to be attached along with the return of income. The taxpayer should identify the correct return form applicable in his case. Carefully provide all the information in the return form. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.
5) Check out other documents like PAN, bank account details
Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
6) Proceed with filing the ITR
After filling in all the details on the return of income and after confirmation of all the details, one can proceed with filing the return of income. In case a return is filed electronically without a digital signature and an electronic verification code, do not forget to post the acknowledgement of filing the return of income at CPC Bangalore within 120 days of filing the return of income.
7) Check AIS
The taxpayer should check the Annual Information Statement (AIS) after logging in to the e-filing account. AIS provides the information about the prepaid taxes and prescribed financial transactions entered into by the assessee during the relevant previous year.
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