ITR Filing 2025: Essential Precautions and Checklist for a Smooth Process
As the ITR filing deadline for the financial year 2025 approaches, taxpayers should take several precautions to ensure a smooth and error-free process. Here’s what you need to know and do.
Itr FilingTax ReturnFinancial Year 2025Tax DocumentsIncome TaxReal EstateAug 13, 2025
Here's what precautions you should take while filing your ITR.
1) File Your ITR on Time
The most important precaution is to submit the income return by the deadline. Filing a belated return is a habit that taxpayers should refrain from doing. Delays in filing income or loss returns (apart from losses to real estate) might have the following effects:
- Losses cannot be carried forward.
- Levy of interest under section 234A.
- Late filing fees under section 234F are levied for returns filed after the due date. A late filing fee of Rs 5,000 shall be payable if the return is furnished after the due date. However, the amount of late filing fees to be paid shall be Rs. 1,000, if the total income does not exceed Rs. 5 Lakh.
- Exemptions under section 10A, section 10B, are not available.
- Deduction under 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, and 80-IE, are not available.
- Deduction under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB, and 80RRB are not available (From AY 2018-19).
2) Download Form 26AS
The taxpayer should download Form 26AS and confirm the actual TDS/TCS/Tax paid. If any discrepancy is observed, then suitable action should be taken to reconcile it.
3) Compile All Documents
Compile and carefully study the documents to be used while filing the return of income, like bank statement/passbook, interest certificate, investment proofs for which deductions are to be claimed, books of account and balance sheet, and P&L A/c (if applicable), etc.
4) Identify the Correct ITR Form
The taxpayer should identify the correct return form applicable. Carefully provide all the information in the return form. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.
5) Check Out Other Documents Like PAN, Bank Account Details
Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
6) Check AIS
The taxpayer should check the Annual Information Statement (AIS) after logging in to the e-filing account. AIS provides the information about the prepaid taxes and prescribed financial transactions entered into by the assessee during the relevant previous year.
7) Proceed with Filing the ITR
After filling in all the details on the return of income and confirming all the details, one can proceed with filing the return of income. In case a return is filed electronically without a digital signature and an electronic verification code, do not forget to post the acknowledgment of filing the return of income at CPC Bangalore within 120 days of filing the return of income.
Frequently Asked Questions
What is the last date to file ITR for the financial year 2025?
The last date to file an income tax return for the financial year 2025 is September 15, 2025.
What are the consequences of filing a belated ITR?
Filing a belated ITR can lead to the loss of the ability to carry forward losses, levies of interest under section 234A, late filing fees under section 234F, and the loss of certain exemptions and deductions.
What is Form 26AS and why is it important?
Form 26AS is a consolidated tax statement that provides details of the tax deducted at source (TDS), tax collected at source (TCS), and tax paid by the taxpayer. It is important to verify the accuracy of this form to ensure that your tax records are correct.
What documents are required for ITR filing?
You will need documents such as bank statements, interest certificates, dividend statements, salary slips, investment proofs, and books of account (if applicable).
What is the Annual Information Statement (AIS) and how can I access it?
The Annual Information Statement (AIS) provides information about prepaid taxes and financial transactions. You can access it by logging into your e-filing account on the official income tax website.
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