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Income Tax News: Beware! Keep These Things in Mind While Filing ITR or Your Refund May Get Stuck

Income Tax News: ITR filing for FY 2025 begins on April 1. Avoid mistakes like incorrect forms, missing income details, and late filing to prevent refund delays.

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Income Tax News: The Income Tax Return (ITR) filing process for the financial year 2025 will begin on April 1. Taxpayers still have time till March 31 to make investments in tax-saving schemes and reduce their taxable income by lakhs of rupees. However, many people make mistakes while filing their ITR, which leads to delays, penalties, or even rejection of refunds. To ensure a smooth process, it is important to avoid common errors and file correctly.

Common Mistakes to Avoid While Filing ITR

Many taxpayers unknowingly make mistakes while filing their ITR, which can cause unnecessary trouble. Here are some key errors to watch out for:

  • Choosing the Wrong ITR Form – Different ITR forms are meant for different types of taxpayers. If you file using the incorrect form, your return may be rejected or need revision.
  • Not Declaring Savings Account Interest – Many people forget to mention the interest earned on their savings account, which is mandatory. Failing to do so can lead to tax complications.
  • Delaying ITR Filing – If you file after the deadline, you may have to pay penalties or interest imposed by the Income Tax Department.
  • Not Matching Income with Form 26AS – Form 26AS is a statement that contains all your income details. It is important to match your income details with this form before submitting your ITR.
  • Forgetting to Verify the ITR – Filing your ITR alone is not enough. You must verify it within the deadline; otherwise, it will not be processed.

Errors in ITR Can Delay Your Refund

After filing, taxpayers can apply for a refund if eligible. The Income Tax Department verifies the details and then processes the refund. However, if there are errors in your ITR, your refund may get stuck or even canceled. In such cases, you may have to refile your ITR to correct mistakes.

To avoid complications, always double-check all details, verify your ITR, and file before the deadline. This ensures a smooth process and a hassle-free refund.

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