As the ITR filing season for FY 2024–25 begins, many first-time taxpayers are stepping into unfamiliar territory. While the process may seem simple online, one wrong move can result in delays, penalties, or notices from the Income Tax Department.
Tax experts say most new filers repeat the same avoidable mistakes. Here’s a quick guide to help you file correctly and stress-free:
1. Choosing the Wrong ITR Form
Each income type has a specific ITR form. For example:
ITR-1: Salary income up to ₹50 lakh
ITR-2: Capital gains, multiple properties
Filing the wrong form can lead to rejection or refund delays.
2. Not Reporting All Sources of Income
Don’t forget:
Savings account interest
Fixed deposits
Rental income
Even small or inactive accounts must be declared.
3. Ignoring Form 26AS & AIS
First-timers often rely only on Form 16, ignoring:
Form 26AS (TDS summary)
AIS (Annual Information Statement)
Mismatch can lead to errors, refund delays, or scrutiny.
4. Selecting the Wrong Assessment Year
This is a common rookie mistake. For income earned in FY 2024–25, the correct Assessment Year is 2025–26. Choosing the wrong one can trigger notices.
5. Submitting Fake Deductions
Avoid using:
Fake rent receipts
Inflated 80C or 80D claims
False entries can attract penalties and tax scrutiny. Stick to genuine documentation.
6. Not Declaring All Bank Accounts
You must report all active savings, current, or NRO accounts. Only one needs to be pre-validated for refunds, but others still need disclosure.
7. Forgetting to Verify ITR
Filing isn’t complete without verification. Use:
Aadhaar OTP
Net banking
Signed physical form
Failure to verify = return not filed.
Pro Tip: If you’re unsure, consult a tax expert or visit the nearest I-T office. Filing your return correctly ensures a faster refund and peace of mind.
