ITR Application 2025: What precautions should be taken when submitting income returns? Internal list
As the ITR application deadline approaches, taxpayers are collecting their basic documents such as interest certificates, dividend statements, payrolls and other income records. The last date for filing the 2025 fiscal year income tax return is September 15, 2025.
This is the precautionary measure to be taken when submitting an ITR.
1) Submit ITR on time
The first and most important precaution is to submit returns on income on or before the due date. Taxpayers should avoid making belated returns. Here are the consequences of delaying submission of income/loss returns (except for property damage):
one. Loss cannot be continued.
b. The interest collection under section 234a.
c. Delayed application fee under Section 234F is subject to the receipt of the return form filed after the expiration date. If the return is provided after the deadline, a delayed application fee of Rs 5,000 shall be paid. However, the delayed application fee to be paid is Rs. 1,000, if the total income does not exceed Rs. 500,000.
d. Exemption under Article 10A, Article 10B is not available.
e. Deductions of 80-ia, 80-iab, 80-iC, 80-IC, 80-ID and 80-ie are not available.
f. Deductions according to 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80P, 80PA, 80QB and 80RRB. (From AY 2018-19)
2) Download Form 26A
Taxpayers should download Form 26A and confirm the actual TDS/TCS/tax. If any difference is observed, appropriate actions should be taken to reconcile it.
3) Compile all documents
Compile and carefully study documents to submit return on income, such as bank statements/pass books, interest certificates, proof of investment to be deducted, account and balance sheet, and p&l a/c (if applicable), etc.
4) Determine the correct ITR form
No documents and income returned. The taxpayer shall determine the correct return form applicable to his case. All information is provided carefully in the return form. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refunds, etc.
5) View other files, such as PAN, bank account details
Make sure that other details (such as PAN, address, email address, bank account details, etc.) are correct.
6) Continue to submit ITR
After filling in all details about income returns and confirming all details, you can continue to submit income returns. If the return is submitted electronically, without a digital signature and electronic verification code, please do not forget to post a confirmation of the return of income submitted in CPC Bangalore within 120 days of submitting the return of income.
7) Check AI
After logging into the electronic file account, the taxpayer should check the annual information statement (AIS). AI provides information about the prepayment taxes and prescribed financial transactions conducted by the person being assessed in the relevant previous year.
