Income Tax: What precautions should you take while filing your ITR?
1. Select your tax regime: First, you need to carefully select your income tax regime. You may want to use an income tax calculator to compare the tax computed under both regimes before you take the final call.
2. Download documents: You need to download AIS and Form 26AS and check the actual TDS / TCS / tax paid. If you happen to find any discrepancy, you must reconcile it with the employer/ tax deductor/ bank.
3. Study the documents: Now you can compile and carefully study the documents to be referred to when filing your ITR. These include documents such as bank statement/ passbook, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment proofs, etc.
4. Check authenticity: Now, you need to make sure that the other salient details, including PAN, permanent address, contact details, and bank account details, are correct in the pre-filled data.
5. Choose the correct form: It is also important to identify the correct return form for you, from ITR-1 to ITR-7.
Read this Livemint article to check which ITR form will be applicable.
6. Provide details: Make sure you provide all the details in the return, such as total income, deductions (if any), interest (if any), taxes paid / collected (if any), etc. It is important to make sure that no documents are attached along with ITR-1.
7. Before deadline: E-file the income return on or before the due date, which is September 15, 2025. Late returns have adverse consequences, including late filing fees, losses not being carried forward, and deductions and exemptions not being available.
8. E-verify the return: After e-filing the return, make sure to e-verify it. If you want to manually verify your return, send the signed physical copy of ITR-V Acknowledgement (by speed post) within the appropriate timelines of filing the return to Centralised Processing Centre, Income Tax Department, Bengaluru 560500 (Karnataka).
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