Income tax
Imagine the last month of the year is going on, but your income tax return (ITR) has not been filed yet. Many people do this. They keep the filing avoiding till the last time. outcome? Delay in refund, unnecessary stress and many times can also have to be paid.
Surprisingly, tax filling has become very easy than before, yet people keep on defrauding it. Let us understand why there is a delay and this time (FY 2024-25), how can you file your ITR in time.
Waiting for necessary papers
Most people wait until ITR form or portal is updated. Documents like Form 16 (Salary Certificate), Form 16A (TDS Certificate) and AIS (Annual Information Statement) are available only after June. There is a fear of mistake in filing without all papers.
Do not understand the new tax system
The new default tax system, new changes on the portal, these things have confused many salary class people and new taxpayers. For this reason, people are unable to start.
Grow deadline
This time the last date of filing has been reduced to 15 September 2025 so that everyone can get more time. But often people keep avoiding more due to increasing deadline.
The delay is not just due to documents or technical problems. Most people think. This is very complicated, a mistake will be made and there is a lot of time. This thinking increases stress in the last time. CA Ruchika Bhagat says, the fear of mistake in tax filing or stress related to money forces people to avoid it. Its treatment is fixed date, dividing the work into pieces and considering it responsibility.
1. Apply alarm: In June-July, as soon as all the documents are available, put an ITR filing reminder in the calendar or phone. And decide that I will finish the filing in the next 15 days.
2. Collect paper in advance: Keep salary slip, rent receipt, bank interest certificate, form 16, details of investment in a folder.
3. Match Form 26AS and AIS: Check Form 26AS and AIS on the Income Tax Portal. See whether TDS and income details are matching your records or not.
4. Choose a new or old tax system: See which system is better for you. Old or new? If you are confused, ask a good CA.
5. Seek the right platform or advice: Take the help of online filing portals or any reliable CA. This keeps the scope of mistake less.
If you do not file ITR by 15 September 2025, then you may have to pay a fine under Section 234F. In which you can have to pay a fine of Rs 1 thousand on income of 5 lakh and 5 thousand rupees on income of more than 5 lakhs.
