ITR filing FY 2024-25: Income tax payer pay attention! This year, these 7 mistakes in income tax return filing can spend you big.

Income tax return filing FY 2024-25: Filing ITRs can be a complex process for most of us, and therefore it is important that the tax return filing is error-free to avoid any notice from the Income Tax Department. At the beginning of the Income Tax Return Filing season, taxpayers got extra time – 45 -day extension to submit the return. The last date for filing ITR has gone from 31 July to 15 September to address adequate structural amendments in ITR forms launched by Budget 2024. However, despite being beneficial for many people despite the expansion, there is a possibility of errors in your returns. Here is a look at the top 7 tax filing mistakes, which you should clearly clarify, as listed in an ET report:1. Avoid wrong ITR formMany common errors should be avoided while filing returns. These include selecting wrong ITR forms, failing to verify submitted returns, not completing the deadline, or wrongly assuming that it is unnecessary to file returns. Another persistent misunderstanding is that zero tax liability frees one from filing returns. If you spend more than Rs 2 lakh on international journey, it is mandatory to file a return of Rs 1 lakh or similar expenses on electricity consumption. Additionally, if you are due to tax/TDS refund or further damage is needed, it is necessary to file these procedures to facilitate the returns.2. AIS and Form 26 AAS VerificationA General inspection among individuals fails to verify its annual information details (AIS) and has a 26 AAS form before submitting. These documents provide extensive details of financial transactions and tax payments.Also read ITR filing extended to deadline financial year 2024-25: What taxpayers need to do here3. Incomplete income declarationThe lapse of income sources, whether unknowingly or deliberately, bears important financial implications. Results include 50–200% tax liability, additional interest fee and potential legal proceedings.4. Check the change in budget 2024Taxpayers can mainly withstand errors due to budget 2024 amendments. The revised ITR form requires new compliance requirements, while changes in cuts and capital gains taxation can result in computational efforts.5. Exemption income announcement lapseAlthough the income tax of exemption is not included in the taxable income calculation, one must declare it in the appropriate section (Schedule EI).6. To ignore the income of the previous employerPeople who switch jobs within a financial year often incorrectly claim basic discounts and deductions. When investment announcements are presented to both employers, they can apply individual basic relaxation limits, standard deduction and chapter VI-A deduction, which may lead to excessive tax benefits and reduce TDS.Also read ITR filing FY 2024-25: What’s new this year? Top things should be known before each taxpayer’s income tax return filing7. Errors in HRA announcementsFalse claims for HRA exemption can attract severe punishment, penal fines can reach 200% of the wrongly reported yoga. Under the old tax regime, salaried employees can claim HRA exemption as a pay component. Valid claims were presented to the employer, including a formal fare agreement, rent receipts and landlord’s PAN (for annual rent above ₹ 1 lakh), a formal rent agreement, rental and assistant documents including landlord’s PAN are required.