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Last-Minute ITR Filing Tips for AY 2024-25

Last-Minute ITR Filing Tips for AY 2024-25

The Income Tax Return (ITR) filing deadline for Assessment Year (AY) 2024-25 is fast approaching. If you haven’t filed your return yet, don’t panic—but don’t delay either. Missing the deadline could lead to penalties, interest, and unnecessary stress. Here's a quick guide with last-minute tips to help you file your ITR smoothly and avoid common mistakes.

1. Check Which ITR Form Applies to You

The first step is identifying the correct ITR form:

  • ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh.

  • ITR-2: For individuals with capital gains or multiple house properties.

  • ITR-3: For professionals or those with business income.

  • ITR-4 (Sugam): For presumptive income under Sections 44AD, 44ADA, or 44AE.

Using the wrong form can lead to rejection of your return, so double-check before you start.

2. Gather All Necessary Documents

Before you begin filing, collect:

  • Form 16 (from employer)

  • Form 26AS and AIS (Annual Information Statement)

  • Bank interest certificates

  • Investment proofs (ELSS, PPF, LIC, etc.)

  • Home loan statements

  • Rent receipts (if claiming HRA)

  • Capital gains statements (if applicable)

Having these ready will save time and reduce errors.

3. Reconcile TDS with Form 26AS and AIS

Mismatch between TDS (Tax Deducted at Source) details in your Form 16 and Form 26AS or AIS can lead to discrepancies. Ensure all income sources are reflected correctly and TDS is credited properly.

4. Claim Deductions Wisely

Make sure to claim all eligible deductions under:

  • Section 80C: Investments like LIC, EPF, PPF, ELSS, tuition fees (limit ₹1.5 lakh)

  • Section 80D: Health insurance premium

  • Section 80TTA/80TTB: Interest on savings account or deposits (for senior citizens)

  • Section 24(b): Interest on home loan

Even last-minute investments or payments can help you reduce taxable income.

5. File Accurate Bank Details

Enter correct bank account number, IFSC code, and choose a primary account for refunds. An error here could delay your refund.

6. Avoid Mistakes and Double Check

Before hitting submit:

  • Verify PAN and Aadhaar linking

  • Check all figures for typos

  • Ensure your name and contact details match Aadhaar

  • Choose the correct assessment year: AY 2024-25

Use the income tax e-filing portal’s built-in validation tools to catch errors.

7. E-Verify Immediately

Filing is incomplete without e-verification. You can verify your return instantly via:

  • Aadhaar OTP

  • Net banking

  • Bank account/DEMAT verification

Do it within 30 days of filing to avoid return being considered invalid.

8. Know the Consequences of Missing the Deadline

If you miss the deadline (July 31, 2025 for most individuals), you may have to:

 

  • Pay a late filing fee up to ₹5,000 under Section 234F

  • Lose the ability to carry forward certain losses

  • Face interest penalties on tax dues under Section 234A