The final day for filing Income Tax Returns (ITRs) for FY24-25 (AY25-26) has arrived. With the deadline closing on September 15, taxpayers are urged to ensure their documents are in order and filings are complete to avoid penalties and interest charges.
Despite improvements to the online filing process, many taxpayers, particularly first-timers, still find the procedure daunting. A structured approach and proper preparation can make the difference between a smooth filing and an error-prone one.
Documents You Must Keep Ready
Before beginning the e-filing process, ensure that the following documents are available:
- Form 16: Provided by your employer and essential for salaried individuals. If you changed jobs during the financial year, collect this from all employers.
- PAN and Aadhaar Cards: Both must be linked for a valid return.
- Investment Proofs: Such as fixed deposits, PPF statements, and insurance premium receipts.
- Home Loan Interest Certificate: For those claiming deductions on home loan interest.
- Form 26AS: Accessible via the TRACES portal, summarising income on which TDS has been deducted.
- Annual Information Statement (AIS): Available on the tax portal, containing data on dividends, securities transactions, interest income, and foreign remittances.
Deadline and Consequences of Missing It
Failure to file today will attract penalties under Section 234F of the Income Tax Act. If your income exceeds Rs 5 lakh, the penalty stands at Rs 5,000. For incomes below this threshold, the fine is Rs 1,000. Additional interest charges at 1 per cent per month under Section 234A apply on any unpaid tax until the return is filed.
Belated returns can be filed until 31 December 2025, though with late fees. Updated returns (ITR-U) provide flexibility for corrections and can be filed until 31 March 2030.
Step-by-Step Filing Guide
1. Visit the official Income Tax e-filing portal (https://www.incometax.gov.in/iec/foportal/)).
2. Log in using your PAN or Aadhaar credentials.
3. Choose the relevant assessment year.
4. Select online or offline filing.
5. Pick the appropriate ITR form (ITR-1 for salaried/pensioners, ITR-2 or ITR-3 for business or capital gains).
6. Fill in income details, exemptions, and deductions.
7. Pay any pending taxes.
8. Submit the return and complete e-verification within 30 days.
Mistakes to Avoid
Common oversights can delay refunds or render your filing incomplete. These include failing to link PAN and Aadhaar, neglecting bank account pre-validation, and missing e-verification. Taxpayers should also ensure that all required information, such as policy numbers for insurance, PPF account details, or landlord information for HRA claims, is accurately provided. Omissions may lead to rejection of claims.
Final Checklist To Complete The ITR Filing Process
- Double-check all personal and financial details.
- Ensure your bank account is validated for refund processing.
- Verify that you are using the correct ITR form for your income type.
- Complete e-verification immediately after filing to avoid delays.
With the deadline falling today, taxpayers should act without delay. While belated returns are an option, they come with penalties and interest. A last-minute but carefully executed filing, supported by the right documents and attention to detail, can help avoid costly mistakes and ensure compliance.
