The deadline for submitting income tax returns (ITR) for the monetary year 2024-25 (assessment year 2025-26) is thirty-first July 2025. It's far more critical to document your going back earlier than this date to keep away from consequences or late prices.
Key points to keep in mind for ITR submission:
Tax Regimes:
New Tax Regime: The Finance Act 2024 has made the new tax regime the default choice below section 115BAC of the Income Tax Act. However, you could nonetheless opt for the old tax regime if it blesses you greater.
The new regime offers lower tax prices but fewer deductions, while the vintage regime affords various exemptions like segments 80C, 80D, and many others.
Documents to gather:
Accumulate all relevant documents, including Shape Sixteen, financial institution statements, proof of deductions, and hobby certificates. Organizing these files will make filing smoother.
Check for deductions:
Make certain you are aware of the deductions to be had beneath each tax regime. Phase 80C lets in deductions for investments, coverage charges, and extras, even as section 80D offers deductions on medical insurance rates.
Commonplace mistakes to avoid:
Ensure the correctness of details like your name, deal with, PAN, and bank account range. Incorrect information might also bring about rejection or not-on-time refunds.
If you have multiple sources of earnings, account for them all appropriately in your return.
Go take a look at shape 26AS:
Shape 26AS includes crucial records about your TDS, tax bills, and different details. Ensure that the data you offer to your ITR matches with what is shown in Form 26AS to avoid discrepancies.
Refund Delays:
In case you provide incorrect or mismatched facts, the tax branch may additionally delay processing your refund or even reject your go-back. Double-take a look at your bureaucracy earlier than submission.
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