The September 15 deadline to file your Income Tax Return (ITR) for FY 2024–25 is fast approaching. But just hitting “submit” on your return is not enough, and the job does not end there, the Income Tax Department can still flag your return for scrutiny if it spots any discrepancies or red flags.
So, what kind of mistakes could land your return under the scanner? Let’s take a look:
1)Mismatch in income details: If the income you declare doesn’t match the data in your Form 26AS, AIS, or TIS, the IT department might take notice.
2)TDS: If you claim a TDS refund or credit but it doesn't appear in your Form 26AS, the system could flag it for review.
3)Not reporting capital gains: Selling shares, mutual funds, property, or crypto? If you don’t declare capital gains (short-term or long-term).
4)High deductions or refund claims: Claiming very high deductions under sections like 80C, 80D, or excessive refund amounts.
5) Filing under the wrong ITR form: Filing the wrong type of ITR—like using ITR-1 when your income includes capital gains or business income—can be a technical ground for scrutiny.
Also Read: 16 steps to correctly file ITR-1 online by self for AY 2025-26: Explained by ICAI
"The 2025 income tax system is very data-intensive, and each return is matched automatically with data reported by employers, banks, and investment platforms. This is the reason why even simple mistakes—such as omission of interest income, failure to report capital gains, mismatch in TDS details, or over-declaring deductions—land a return in the scanner," said Siddharth Maurya, Founder & Managing Director, Vibhavangal Anukulakara Pvt. Ltd.
Once it is marked for inspection, it can take months, and the taxpayer could end up paying penalties, interest, or prosecution in the worst-case scenario. The one thing most people overlook is the fact that the department is pursuing not just deliberate evasion but also diligent monitoring of sloppy filing, he added.
In short, while filing your ITR is an important step, accuracy is just as crucial. The proper way is to double check all inputs with your Form 26AS, AIS, and TIS before submitting. A little extra caution now can save you from a lot of hassle later. Accuracy is now no longer an option, it is the sole way to stay compliant and trouble-free
|
