ITR deadline: Filing income tax returns at last minute? Here are 5 tips to prevent errors

The deadline to file income tax returns (ITR) for assessment year 2024-25 remains July 31, 2024, which means that those taxpayers who are yet to file their ITRs will be required to complete the process within the next three days.

Considering the schedule restraints on most working professionals, there can be instances where taxpayers may have to resort to the last-minute rush to file their ITRs before the deadline expires.

However, filing the tax returns in such an expedited manner may lead to errors. Here are five key tips to avoid them:

Choosing correct ITR form

Opting for the correct ITR form is at the foremost to accurately file your tax returns. For instance, a person whose sole earning comes from the salary paid by a company needs to select ITR-1.

If such a taxpayer ends up selecting the wrong form, say ITR-2, then additional disclosures such as capital gains are required to be filled. Failure to add the same may draw repercussions.

Disclosing earnings from past employer

If the taxpayer has switched jobs during the same financial year, then it is required to enter the earnings made through the fiscal from the previous employer as well. If the data is not automatically fed through the permanent account number (PAN), then one has to manually add the same.

Notably, the taxpayer, in such cases, needs to collect Form-16 from his current and past employers, and add the details accordingly.

Making only authentic deduction claims

Despite being short on time, taxpayers filing their ITRs closer to the deadline need not make assumptions regarding their tax deductions. Making exaggerated or bogus deductions is a "punishable offence", the Income Tax department has warned.

Such deductions will come under the scrutiny of the taxation department officials, who process the ITRs once they are filed by the taxpayers. Therefore, one should claim only those deductions which are authentic and backed by documentary proof.

Entering correct bank account details

Despite running short on time, taxpayers need to ensure that they feed their correct bank account numbers to claim tax refunds. Once the ITRs are processed, the refund is initiated by the I-T department, and the amount is credited to the bank account linked to the taxpayer.

Verifying ITRs

Apart from filing the ITR, it is equally essential to verify the returns. The e-verification can be completed using the Aadhaar-linked mobile number, demat account, or a pre-validated bank account, among other options.

Notably, the deadline to verify the ITR will not lapse on July 31 as it varies in each case. The verification needs to be completed by the taxpayer within 30 days of filing the returns. However, it is recommended to verify the ITRs at the earliest, as one may end up missing this crucial step while deferring it for a later date. Also, the tax refunds are initiated only after the ITRs are verified by the taxpayer.