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Mint
3 days ago
- Business
- Mint
Income Tax: What precautions should you take while filing your ITR?
ITR 2025: The deadline to file the income tax return (ITR) is fast approaching, as the government has set September 15, 2025, as the last date for submission. If you are busy filing your income tax return, make sure you take all necessary precautions, including downloading necessary documents, studying them carefully, checking their authenticity and filing the return before the deadline. 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). For all personal finance updates, visit here
Indian Express
6 days ago
- Business
- Indian Express
Is your ITR refund stuck? Check for these 7 mistakes
Income tax refunds are usually straightforward and tend to get processed smoothly. If you've filed your taxes but your refund is stuck or delayed, some small mistakes during filing could be the culprits behind. Whether you're under the new tax regime or the old one, errors like incorrect bank details, not verifying your return, or claiming ineligible deductions can hinder the process, delaying your refund. But these aren't all. Here are some common mistakes you should avoid to get your refund without hiccups. 1. Incorrect or inactive bank account details Tax refunds are only credited to pre-validated bank accounts. Errors like incorrect account details (such as the account number or IFSC), or if your account hasn't been linked to your PAN, can prevent the refund from going through. To prevent this, ensure you have pre-validated your bank account on the income tax portal. Also, make sure the bank account you provide is active and capable of receiving electronic credits. Dormant or certain NRE/NRO accounts may reject refund transfers 2. Filing under the wrong ITR Form There are different types if forms designated for different types of incomes. For instance, ITR-1 is for salaried individuals with income up to ₹50 lakh while ITR-2/3 are for capital gains, foreign assets, or business income. If you have filed your returns using the incorrect form, it can result in defective return notices or rejection. Always check the form that applies to you and use that to file returns. 3. Mismatch in TDS/TCS and Form 26 AS/Form 16 To check if the taxes deducted match the reported tax returns, the I-T Department compares your returns with Form 26AS, AIS, and TIS. If there's a mismatch, such as an error in your employer's Form 16, or your TDS has been incorrectly reported by your bank, the mismatch will likely trigger an automated review, pausing your refund. So, always cross-check tax credits before submitting your return. 4. Not e-verifying your return If you don't e-verify your tax return, it won't be processed. E-verification must be completed within 30 days of filing. You can do this using your Aadhaar OTP, net banking, a demat account, or even at an ATM (for certain banks). Without e-verification, your tax return will remain incomplete, and any refund due to you will be held up 5. Claiming excessive or wrong deductions Claiming deductions beyond what you are eligible for can raise red flags in the system. For instance, claiming ₹1.5 lakh under Section 80C without actual proof could lead to the system flagging the return for review or manual review. Claim only what you can support with investment proofs, salary slips, or bank statements. 6. Not reporting all income When filing returns, income from sources like freelance work, savings account or fixed deposit interest, or dividends, can be missed. But these are usually captured in your Form 26AS or AIS. But, if the returns don't match, it can hold up your refund. Reporting all income, no matter how small, is crucial to prevent delays. 7. Filing late Delays in filing returns will automatically affect the timeline of your refund. If you've missed the filing deadline, not only can your returns take longer to process, you may also lose interest on any refund due, as per Section 244A. Filing early can avoid such technical issues and ensure your refund reaches you quicker. 8. Ignoring notices or alerts If your filed tax return has issues, the Income Tax Department will likely send you a Defective Return Notice (under Section 139(9)). These are typically sent via email, SMS, or to your Income Tax portal inbox. Missing these alerts and failing to act on them can delay your refund. Therefore, always monitor your email, portal inbox, and messages for such notices. Getting your tax refund on time simply requires getting the basics right. Be it your account details, e-verifying your account, or selecting the right form to file, a little diligence now can save you weeks of waiting later.
India Today
22-07-2025
- Business
- India Today
How a small AIS check can save you from a tax notice
It's tax season again and crores of taxpayers are getting ready to file their Income Tax Returns (ITR) for the financial year 2024–25 (assessment year 2025–26). But before you hit that 'Submit' button, here's one important step you shouldn't skip — checking your Annual Information Statement (AIS).The Income Tax Department has made the AIS a must-check document for every taxpayer. Unlike Form 26AS, which mostly shows details of tax deducted at source (TDS) and tax collected at source (TCS), the AIS gives a full picture of your financial activity. It includes income from your salary, savings interest, dividends, stock trades, mutual funds, high-value spends, and even money sent IT MATTERSIf you skip checking your AIS, you might end up missing some income details. This can lead to a mismatch between what you file and what the tax department already knows, and that can easily get you a notice later. By cross-checking your AIS, you make sure all the numbers match, avoiding unnecessary TO CHECK YOUR AIS It's simple. Log in to the Income Tax Department's e-filing website using your PAN or Aadhaar and on the 'Services' tab, find 'Annual Information Statement (AIS)' and hit 'Proceed'. You can also go to the 'e-File' menu, click 'Income Tax Return' and pick 'View AIS'.The AIS will show all reported income details. If you want to download it as a PDF, you'll need a password, your PAN in lowercase, followed by your date of birth in DDMMYYYY IF THERE'S A MISTAKE?Mistakes happen. But the good thing is you can fix them. The AIS has an option to give pick the transaction with the error, click the 'Optional' button, select the right feedback and submit it. You'll get a receipt, and any updates will show up in your Taxpayer Information Summary (TIS).Simply put, a quick look at your AIS today can help you file an error-free return and stay worry-free about tax notices later.- Ends
India Today
22-07-2025
- Business
- India Today
7 Reasons Your Tax Refund Is Still Pending
7 Reasons Your Tax Refund Is Still Pending 21 Jul, 2025 Credit: Getty Claiming deductions like HRA or medical insurance without valid proof can stop your refund. If the tax office doubts your claim, they'll hold your refund and may ask for documents. Wrong Deduction Claims If the details in your tax return don't match your Annual Information Statement (AIS) or Form 26AS, your refund can be delayed until you fix the difference. Mismatch in ITR and AIS Data A simple mistake in your bank account number or IFSC code can stop your refund. Your account must also be pre-validated and linked on the I-T portal. Incorrect Bank Details If your bank account name does not match your PAN name — for example, in joint accounts or if there's a spelling mistake — your refund may get stuck. Bank Account–PAN Mismatch Sometimes, the refund is issued but doesn't reach you due to an inactive account, a changed IFSC code or incomplete KYC. In such cases, you need to raise a refund reissue request. Refund Issued but Not Credited If you owe tax from previous years, the department can adjust it against your refund. You'll get an email or SMS about this. Sometimes the full refund is used to clear dues. Tax Adjusted Against Dues If your return is selected for scrutiny or detailed checking, your refund will be kept on hold until the process is finished, which can take extra time. Return Under Scrutiny
NDTV
22-07-2025
- Business
- NDTV
ITR Filing 2025: Final ITR Date And What Salaried Taxpayers Need To Know
Salaried individuals across India have been granted additional time to file their Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26). The Central Board of Direct Taxes (CBDT) has officially extended the ITR filing deadline for non-audit cases, including salaried taxpayers, from the usual July 31, 2025, to September 15, 2025, as per its recent circular. This extension comes amid reported delays in the availability of updated ITR forms and e-filing utilities on the Income Tax Department's portal. Additionally, many taxpayers faced issues with the late reflection of TDS data in Form 26AS and AIS, prompting calls for more time to ensure accurate filing. However, experts warn that while the return filing deadline is extended, the payment of any self-assessment tax due must still be completed by July 31, or else penal interest under Section 234A may apply. Notably, the extension also impacts refund interest positively. As per Section 244A, taxpayers who are due refunds may receive up to 33% higher interest, as the interest accrues from April 1, regardless of the extended deadline. However, this interest is taxable and must be reported in the ITR. Late filing beyond September 15 will attract a penalty of Rs 5,000 (if income exceeds Rs 5 lakh) and Rs 1,000 for lower incomes under Section 234F. Belated or revised returns can still be filed until December 31, 2025, while updated returns (ITR-U) can be submitted up to March 31, 2030. Taxpayers are encouraged to file early to avoid last-minute technical issues on the e-filing portal.
