Today marks the decisive deadline for taxpayers to file their Income Tax Return (ITR) for the financial year 2025-26. Failing to meet this deadline may result in incurring late filing fees, interest on outstanding taxes, and facing additional complications in future tax matters. Many individuals often defer filing their returns until the last minute, which tax experts warn can lead to mistakes that may delay refunds or lead to inquiries from the Income Tax Department.

Avoid Common Errors in Last-Minute Filings

According to CA Deepak Ukidave, an Adjunct Faculty member at K J Somaiya Institute of Management, taxpayers should prioritise accuracy over speed as the deadline draws near. He notes that many individuals tend to file their ITR just before the due date, especially salaried employees. It is essential for taxpayers to first select the appropriate ITR form based on their income type, choose the correct assessment year, and ensure that essential details, including the Permanent Account Number (PAN), Aadhaar number, bank account number, and IFSC code, are free from typographical errors to validate the return.

Choosing the incorrect ITR form or entering erroneous personal details could invalidate the return or delay processing. Mistakes, no matter how minor, can lead to potential issues in the future.

Taxpayers are encouraged to proceed with caution and take necessary steps to verify their information before submission, as correcting these mistakes post-filing can prove to be time-consuming.

Verification of Income Details is Crucial

Before finalising the return, taxpayers must ensure that the income details they report align with the data held by the Income Tax Department. Ukidave recommends a thorough comparison of the Tax Information Statement (TIS), Annual Information Statement (AIS), and Form 26AS against bank statements and other financial documents. This method helps prevent any discrepancies that might result in a tax notice.

In addition, matching financial transactions documented in the AIS, TIS, and Form 26AS with individual bank records is critical to ensure comprehensive reporting of income. This simple step can safeguard taxpayers from potential issues linked to omitted income.

Many taxpayers erroneously limit their reporting to salary alone while overlooking various other income sources such as interest from savings and fixed deposits, rental earnings, capital gains, or freelance income. Ukidave warns that neglecting to include all income can lead to penalties from the tax authorities, as any concealment of income is treated seriously.

Consequences of Missing Today’s Deadline

Taxpayers who do not meet today’s filing deadline may have to resort to filing a belated return, which could incur a late filing fee and additional interest charges on any taxes due. Ukidave emphasises the importance of adhering to the ITR filing deadline, as late submissions attract penalties in accordance with Section 234F of the Income Tax Act.

With just a few hours remaining, individuals who have yet to file their returns are advised to complete the necessary procedures without delay. Taking some extra time to review information before submitting the return can prevent costly mistakes and facilitate a more efficient filing process.

Taxpayers are advised to act promptly to ensure compliance with tax regulations and to avoid unnecessary complications in the future.

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