As we step into the new assessment year 2025–26, now is a good time to gather your financial documents, including salary slips, interest certificates, and investment proofs and make sure everything is in order.

But there’s more to filing your ITR than just filling up a form. Many taxpayers make small but costly errors. Let’s look at the five most common mistakes you should avoid this year.

MISSING THE ITR DEADLINE

The last date to file your ITR for most individuals is July 31, 2025. Missing this deadline can lead to a late fee of up to Rs 5,000, depending on how late you file. Also, you might lose certain tax benefits or the option to carry forward losses.

Using the wrong ITR form can delay your tax processing or worse, your return may get rejected. For example, if you’re a salaried person earning under Rs 50 lakh with no capital gains or foreign income, you should use ITR-1.

But if you’ve sold shares, own more than one house, or have other complex incomes, you’ll need ITR-2 or higher. Always check which form suits your case before filing.

Make sure to include all sources of income, no matter how small. This includes interest from savings and fixed deposits, rental income, dividends, or capital gains from shares or mutual funds.

Even interest earned from old or less-used bank accounts must be declared. Hiding or missing any income may lead to notices and penalties from the tax department.

Filing your ITR is not the final step, you must also verify it. If not verified, your return will be treated as invalid. The quickest way is to do it online using Aadhaar OTP or net banking. It takes just a few minutes. If you’re not sure how, ask someone or contact a tax expert.