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Filing your Income Tax Return (ITR) for Assessment Year (AY) 2025-26 can feel daunting, especially if you're navigating the process without a Chartered Accountant (CA). Fortunately, advancements in digital tools have made it more accessible than ever. However, a seemingly small error can lead to penalties and unnecessary complications. This guide highlights five common mistakes to watch out for when filing your ITR yourself, ensuring a smooth and accurate process.

1. Choosing the Wrong ITR Form

India’s Income Tax Department offers various ITR forms, each tailored to specific income sources and financial instruments. Selecting the incorrect form is a frequent error. For instance, if you have income from foreign assets, you'll need a different form than someone with only salary and interest income. Carefully assess your income sources and choose the appropriate form. The Income Tax Department website provides a detailed guide to help you determine the correct form.

2. Missing Deductions and Exemptions

Maximizing your tax savings is crucial. Many individuals overlook eligible deductions and exemptions, resulting in a higher tax liability. Common deductions include those under Section 80C (investments like LIC, PPF, etc.), 80D (health insurance premiums), and HRA (House Rent Allowance). Keep meticulous records of all eligible expenses and investments to claim the maximum benefit. Don't forget about exemptions like those on House Property Income.

3. Incorrect Reporting of Income

Accuracy in reporting income is paramount. This includes salary, interest, dividends, rental income, and capital gains. Ensure all income sources are declared correctly. Failing to report income or underreporting it can trigger scrutiny from the Income Tax Department and potential penalties. Double-check all figures against Form 16 and other relevant documents.

4. Ignoring Due Dates

Missing the ITR filing deadline can attract late fees and penalties. For AY 2025-26, the general deadline is typically July 31st. However, if you require a CA or tax professional, the deadline is extended. Mark your calendar and file your ITR well in advance to avoid last-minute rush and potential errors. The Income Tax Department provides reminders and updates on deadlines through its website and mobile app.

5. Not Verifying Your Bank Account Details

Incorrect bank account details can delay or prevent your tax refund. Ensure the account number, IFSC code, and bank name are accurate. The Income Tax Department uses this information to credit your refund. Double-check these details before submitting your ITR. Any discrepancy can lead to refund rejection and further complications.

Filing Your ITR – A Few Final Tips

• Keep Records Organized: Maintain all relevant financial documents throughout the year.
• Utilize Tax Filing Software: Several user-friendly software options can guide you through the filing process.
• Seek Clarification: If you're unsure about anything, consult the Income Tax Department website or a tax professional.

Filing your ITR independently is achievable with careful planning and attention to detail. By avoiding these common mistakes, you can ensure an accurate and timely filing, maximizing your tax savings and staying compliant with the law. Remember to stay updated with the latest tax regulations and amendments.