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ITR Filing 2025 Date: Once again, the time for filing Income Tax Return (ITR) is right around the corner. ITR for Financial Year 2024-25 (Assessment Year 2025-26) is set to get filed by 31st July 2025. Therefore, at this point , you should begin gathering all of your financial documents, so that you can file the return easily and on time.
New tax regime becomes default
The change is effective from the Finance Act of 2024, which under Section 115BAC of the income Tax Act has also shifted the old slab to a default setting. However, those who qualify will still have the option to old tax regime, if sought in a timely manner.
Consider these things before filling the return
Filing ITR can prove a little tedious, especially for those who have a multi-sourced income or foroz whom this is the first time they are filing a return. If, however, you manage to avoid the common errors listed to the best of your ability, then the task should become simple.
1. Incorrect Assessment of Tax Obligation
With so many variations in tax regimes, both older and newer, one has to be careful about which tax exemption and rate system is or her preferable one before proceeding to make any calculations.
2. Wrong tax deductions
The eligibility for claiming certain tax deductions differs for every individual. To make the most of the benefits like Section 80C, 80D, you need to identify the deductions which you can claim.
3. Errors in personal details
Providing erroneous details such as name, PAN, address, bank account information can cause a rejection or delay in your return and refund. Thus, it is better to exercise caution while filling them.
4. Omitted sources of income
The forms of income you receive such as your salary, rent, freelance work, etc., should be included accurately in the tax return.
5. Verify Form 26AS
The income tax portal offers this form which features your TDS, tax payment and other information. Ensure to cross-examine the information provided by you with Form 26AS.
Return submission deadline is on the 31st July
Meeting the deadline of the 31st July 2025 is imperative to file the return without penalties and complications. Proper tax document preparation in advance will aid in a more straightforward claiming process and timely refunds without delays.
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