The deadline to file your Income Tax Return (ITR) for FY 2024-25 is September 15, 2025, and salaried employees cannot afford last-minute errors. Even small mistakes can lead to penalties, notices, or scrutiny. Here are four essential tips to ensure smooth and error-free filing:
1. Choose the Right Tax Regime
- Old Regime: Allows multiple deductions (HRA, lic premiums, PF contributions, etc.) – great for those with significant exemptions.
- New Regime: Simplified slabs and lower rates but minimal exemptions.
- Pro Tip: Use an Income Tax Calculator to compare liabilities under both regimes before filing.
2. Report All Income Accurately
- Include salary, capital gains, interest income, and side earnings.
- Ensure proper reporting of sale of shares, mutual funds, or property.
- Misreporting or omission, even by mistake, can invite tax notices and penalties.
3. Disclose Foreign Assets & Investments
- Declare all overseas income, property, or ESOPs (Employee Stock Ownership Plans).
- Non-disclosure may lead to strict penalties under the Black Money Act.
- Correct filing ensures compliance and protects you from legal trouble.
4. Provide All Key Financial Information
- Mention directorships, unlisted shares, and partnerships clearly.
- Salaried employees with company directorship must use the correct form (e.g., ITR-4).
- Full disclosure prevents suspicion of tax evasion.
Final Takeaway
Filing ITR is not just about meeting deadlines – it’s about accuracy, transparency, and compliance.
Follow these four tips to file confidently, avoid penalties, and enjoy peace of mind.
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