Be careful with these 5 common mistakes, otherwise it may seem to be penalty up to 200%!

ITR Filing 2025: Filing Income Tax Return (ITR) is an important process for taxpayers every year. Even if there is no tax liability on you, it is often beneficial to file ITR on time. But many times, we make some mistakes either in a hurry or lack of information, which may later cost us expensive. Especially Financial year 2024-25 (ie assessment year 2025-26) It is very important to take care of these things while filing ITR. If you have some such mistakes, then the Income Tax Department can not only send you notice, but also In addition to late fees of ₹ 10,000, penalty up to 200% on additional income Can also apply.

So let’s know, 5 such common mistakes made during ITR filing and easy ways to avoid them:

1. Incorrect information (Incorct Personal Details):

   • Mistake: Filling your name, PAN number, address, date of birth or bank account information (IFSC code, account number) incorrectly in the form.

   • Loss: This may delay your refund, or the refund can go to the wrong account. Your identity may also arise and the department will not be able to communicate with you.

   • rescue: Fill the form only by placing all your important documents like PAN card, Aadhaar card and bank passbook. Check every information again, especially spelling and numbers.

2. Not disclosing all income sources):

   • Mistake: Only show income of salary and do not show interest on fixed deposits (FD) by selling interest, share/mutual funds, not to show the earnings from rent or any freelance work in ITR.

   • Loss: The Income Tax Department has all your financial information statement – AIS and Taxpayer Information Summary – TIS. If there is a big difference between the income shown in your ITR and the records of the department, then you may have to pay huge penalty, which can range from 100% to 200% of the tax amount.

   • rescue: Before filing the ITR, watch your AIS, TIS and Form 26AS carefully and show all the income recorded in your returns correctly.

3. Choosing the Wrong ITR Form:

   • Mistake: Not selecting the correct ITR form according to the source and type of your income. For example, ITR-1 is correct if you only have income from salary and interest, but if you have business or capital gains income, you may have to fill separate forms like ITR-2, ITR-3 or ITR-4.

   • Loss: By filling the wrong form, your return can be declared invalid. It can get a chance to fix it later, but such mistakes should be avoided again and again.

   • rescue: Understand all the sources of your income and then ensure which ITR form is suitable for you. If you get, take help of a tax expert (CA).

4. Do not keep wrong claims or evidence of deductions:

   • Mistake: Claiming the deductions (eg investment under 80C, HRA exemption) for whom you are not eligible, or do not keep the required documents (eg receipt, investment certificate) for them.

     
     

   • Loss: If the Income Tax Department objected to these deductions and you do not have evidence, then you may have to pay with interest on the amount of that tax.

   • rescue: Take advantage of only the deductions that you are entitled and keep all the certificates and receipts concerned so that you can present on demand.

5. Forget to verify ITR:

   • Mistake: After filing the online ITR, not to do e-verification (from Aadhaar OTP, Net Banking etc.), or signing the ITR-V (verification form) and not sending the Income Tax Department within the scheduled time (usually 30 days or fixed by the department).

   • Loss: If you did not verify your return, it will be considered invalid. In such a situation, the refund may be stuck and a penalty can also be imposed on late verification.

   • rescue: E-verify it immediately after filing ITR. This is the easiest and safe way. If you are not able to e-verify, then download the ITR-V, sign it and send it to the department within the stipulated time limit.

How to avoid penalty (briefly):

• Take care of the deadline: Do not wait for the last date. Late filing can cost penalty (Section 234F) up to ₹ 5000.

• Match AIS/TIS: All your income should be included.

• Choose the right ITR form.

• Keep evidence with you: For cut or discount.

• Verify ITR immediately.

• Take help of a professional: If there is doubt.

Filing ITR is a responsibility and by taking some care you can avoid all these difficulties and stay financially safe.