ITR Filing Due Date Extension Live: Last Day To File Returns — Check Quick Guide, Penalty, Mistakes To Avoid

The full process from downloading the Excel to declaration and validation and verification is a ten-step process. One needs to start by gathering all the relevant documents. One needs to then check their Form 26AS and AIS.

The correct ITR form needs to be selected, and then the taxpayer needs to reconcile their bank and investment accounts. Additionally, they need to also report exempted income before verifying tax deductions and claim them. One can then, file and e-verify their returns.

Choosing the right income tax returns (ITR) form is important for all taxpayers. As the ITR filing for FY 2024-25 is in progress, taxpayers need to choose the ITR form depending on their income. Selecting the wrong ITR form may render your filing invalid.

With multiple ITR forms notified by the Income Tax Department, it could be confusing for many, especially for senior citizens, to choose the right form. It’s important to choose the right ITR form to avoid delays, notices, or rejections.

“High-income professionals are not drawing salaries anymore. Instead, they are becoming consultants….It’s not just for freedom or flexibility…but to save lakhs, sometimes crores, in taxes,” the post read.

In the post titled “Salaried middle class is using this trick to save lakhs in taxes”, she explained that earning Rs 60 lakh annually as a salaried employee under the new tax regime means losing over Rs 18 lakh to taxes. With limited exemptions like HRA or LTA, the tax burden is heavy.

Income tax refunds could be stuck or delayed due to several reasons. Generally, it takes around four to five weeks for tax refunds, if any, to be credited to the account of the taxpayer after the ITR filing. For FY25, the ITR filing deadline for taxpayers who don’t need a tax audit has been extended to today.  

However, even after filing your ITR within the deadline, it does not ensure quick refunds. Many taxpayers receive their money in 2 to 4 weeks, while others receive it in a matter of days. The delay in refunds, even after filing the ITR with due diligence, could be a result of several factors.

1. For FY 2024-25, resident individuals with taxable income up to Rs 7 lakh are eligible for a rebate of up to Rs 25,000 under the new tax regime under Section 87 A. 

2. A standard deduction of Rs 75,000 is also available to salaried individuals under the new tax regime.

3. Taxpayers who opt for the new tax regime can choose Section 80CCD(2) to claim deduction for employer contributions to the Central Government Pension Scheme. There is a deduction limit of up to 14% of the employee’s salary.

4. Section 24(b) allows deduction on interest paid on housing loans. In the case of let-out properties, there is no maximum limit on the amount of interest that can be claimed as a deduction.

5. Contributions made toward Agnipath Scheme can also be claimed.