Outlook Money
The income tax return filing season started the previous financial year. The deadline set at 31st July,2025.
Common error made by the taxpayers is choosing the incorrect form that leads to penalties and invalid return. Taxpayers are strongly advised to file ITR with an income suitable form.
Many taxpayers miss the deadline which attracts penalties that may range upto Rs. 10,000 and even result in invalidity of claiming deductions.
It is important to report all income sources from rental income to investments, which many taxpayers forget or deliberately miss thus raising suspicion from the Income Tax Department.
Many taxpayers often miss the step of tax return verification post ITR filing. Unverified returns are treated as invalid returns. Hence, be careful.