Highlights Risks of filing your ITR too early for FY 2024-25

Don’t rush to file your ITR

Don’t rush to file your ITR” highlights the risks of filing your Income Tax Return (ITR) too early, especially before Form 26AS and AIS (Annual Information Statement) are fully updated.

What Can Happen If You File Early

• Mismatch risk: TDS and income details in your return may not match Form 26AS/AIS.
• TDS and SFT data deadline: 31st May, but it takes about a week to reflect in AIS.
• Early ITR filing may be technically possible on the portal, but it’s not advisable.

What’s the Issue?

• The tax paid and income details you file may differ from records available to the IT Department.
• This mismatch can trigger:
  • Notices from the IT Department
  • Revised return filing
  • Higher tax implications if revised after 31st December (due to interest + penalty).

What if You File Early?

• Risk of under-reporting or incorrect TDS/income.
• TDS not reflected yet → revised return needed once it appears.
• Filing updated return after 31st Dec 2025 means extra cost.

What Should You Do?

• Wait for Form 26AS & AIS to get fully updated — usually by 15 June.
• Use the time to compile and reconcile your financial data.
• If needed, file a revised return before 31st Dec to avoid penalties.

Summary

Action	Recommendation
File ITR before June 15	❌ Avoid — Data mismatch risk
File ITR after June 15	✅ Safer — Form 26AS/AIS updated
File revised return after Dec 31	❌ Avoid — Interest + penalty
File revised return by Dec 31	✅ Allowed without extra cost

5 lesser-known tax-saving avenues to reduce your income tax liability for FY 2024-25 (AY 2025-26) Quick about deduction can be claim :

Section	Purpose	Deduction Limit
80E	Education loan interest	No limit (interest only)
80TTA / 80TTB	Savings/Deposit interest	₹10,000 / ₹50,000
80DD	Maintenance of disabled dependent	₹75,000 / ₹1,25,000
80GGC	Donation to political parties	100% (non-cash)
80RRB	Royalty/patent income	Up to ₹3,00,000

Checklist for Salaried Employee in New Regime (FY 2025-26)

• Opt for Corporate NPS (National Pension Scheme) : Claim tax benefit under section 80CCD(2) on employer’s contribution. Deduction up to 14% of basic salary is allowed (for central government employees) or up to 10% (for others).
• Disclose All Additional Incomes: Include Dividend Income, Rental Income, and Interest Income from Banks, etc., in your return.
• TDS on House Rent: Deduct 2% TDS if you are paying house rent above ₹50,000/month under section 194-IB.
• Post Office Interest Income: Exempt up to:
  • ₹3,500 per year (single account)
  • ₹7,000 per year (joint account)
• Interest in Home Loan: If you earn rental income, then deduct home loan interest under Income from House Property. (Note: Deduction under section 24(b) for self-occupied property is not allowed in the new regime.)
• LTCG on Shares: Long-Term Capital Gains (LTCG) on sale of listed shares/stocks are exempt up to ₹1.25 lakh/year under section 112A.
• Advance Tax Payment: Pay your advance tax timely to avoid interest under section 234B & 234C for delayed payments.

Income Tax Return (ITR) Due Dates for A.Y.2025–26 corresponding to Financial Year (F.Y.) 2024–25 for various taxpayer categories:

ITR Due Dates for A.Y. 2025-26 (F.Y. 2024-25)

Taxpayer Category	Original Due Date	Revised Return Due Date	Belated Return Due Date
A. Company	31/10/2025	31/12/2025	31/12/2025
B. Other than Company (where audit is applicable)	31/10/2025	31/12/2025	31/12/2025
C. Partner of Firm (where audit is applicable)	31/10/2025	31/12/2025	31/12/2025
D. Transfer Pricing (Section 92E)	30/11/2025	31/12/2025	31/12/2025
Other than A/B/C/D (Individuals & Non-Audit Cases)	31/07/2025	31/12/2025	31/12/2025

Key Notes:

• Belated and Revised Returns must be filed by 31st December 2025, regardless of the original due date.
• Audit applicability extends the original due date to 31st October 2025.
• Transfer Pricing cases under Section 92E have an extended deadline of 30th November 2025.