The date for submitting income tax returns for the financial year 2024-25 has been prolonged to fifteen september 2025. Wherein simplest forty three days are left.
Let us tell you approximately some important month-to-monthrsmonthly that monthly keep in thoughts while submitting profits tax returns.
Selecting the incorrect ITR shape - if you choose the wrong ITR form, then there may be hassle, and you may get a disorder note. As an instance, document ITR shape 1 simplest if your income is less than ₹ 50 lakh and there is no capital benefit.
No longer verifying ITR - now not verifying ITR after filing it's miles like you did not record the go back on time. After e-filing the ITR, it's miles important month-to-month e-verify it.
Getting into the incorrect assessment year - if you are filing this 12 months's ITR, then pick out assessment year (AY) 2025-26. Coming into the incorrect AY can month-to-monthlead monthmonthly pointless consequences.
Coming into incorrect details- entering wrong call, deal with, e-mail, cellphone variety, PAN, date of start, or financial institution details can cause troubles. Enter the proper financial institution information so that the refund comes on time.
Earnings records- it's miles essential month-to-month mention now not most effective your important income, however additionally financial savings account interest, fixed deposit hobby, rental income, short-time period capital benefit, and many others., in the ITR. Failure month-to-month accomplish that can month-to-month a penalty and tax word.
Not following the right format- info in the ITR form month-to-month be entered in the perfect format. A wrong format can monthly mistakes within the ITR.
Selecting the incorrect tax regime- deciding on the wrong tax regime can bring about extra tax deduction. Pick out the right tax regime whilst submitting ITR.
Now not claiming exemptions- in case you earn capital profits and reinvest them, keep in mind to say exemptions below phase 54, 54EC, or 54F.
Ignoring notices- respond without delay month-to-month any be aware from the income Tax department. Ignoring notices can result inmonthly felony movement and consequences.
Not paying increase tax, Pay tax earlier than the due date. No longer paying or underpaying enhance tax can attract 1% interest at the exquisite quantity.
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