The BRICS TimesMore than 6 crore people in India have already filed their ITR. Today, September 15, is the last date to file. Estimates suggest nearly 8 crore taxpayers may submit returns this year, setting a new record. Here’s what you must remember while filing your return.
Today Is the Last Date for Filing ITR
September 15 is the deadline for filing income tax returns. If you haven’t filed your ITR yet, you surely carry nerves of steel. You need to maintain that courage because filing in the final hours often comes with challenges. The income tax website is witnessing heavy traffic, causing difficulties for taxpayers. Still, you do not need to panic. You can file your return today and also avoid paying a penalty. Some experts believe that due to rising demands for an extension, the ministry may consider giving taxpayers an additional 15 days.
Record-Breaking Filings Expected
According to the Income Tax Department, over 6 crore returns have already been filed. If 10% more taxpayers join, the figure may touch 8 crore this year. This would surpass last year’s 7.28 crore and set a new record. Based on the current pace, nearly 2 crore additional returns could be filed.
Assessment Year – Returns Filed
- 2021-22 – 5.77 crore
- 2022-23 – 5.82 crore
- 2023-24 – 6.77 crore
- 2024-25 – 7.28 crore
- 2025-26 – Over 6 crore (till date)
Things to Remember While Filing ITR
If you are filing your income tax return today, keep these important points in mind:
Register Before Logging In
First-time filers must register on the income tax portal before logging in. Without registration, you cannot access the return filing system.
Use the Tax Calculator
After login, use the tax calculator to estimate your tax liability. It helps you calculate payable tax considering income and deductions.
Choose the Right Tax Regime
The portal offers comparison between the old and new regimes. Pick the option that lowers your tax liability.
Gather Essential Documents
Keep necessary documents handy, including Form 16, interest certificates, AIS (Annual Information Statement), and TIS (Taxpayer Information Summary). Form 16 is issued by your employer, interest certificates can be downloaded from net banking, while AIS and TIS are available on the portal.
Select the Correct Form
Choosing the right ITR form is crucial. Salaried professionals usually file ITR-1 or ITR-2, while business owners and professionals use ITR-3. This year, you can also file ITR-1 if long-term capital gains are up to ₹1.25 lakh.
Resolve Mismatches in Data
Check for discrepancies between your Form 16 and Form 26AS. If differences remain unresolved, you may receive a defective return notice from the Income Tax Department.
Be Patient with a Slow Portal
Many taxpayers face difficulties downloading forms due to a slow portal. Stay calm and avoid unnecessary panic.
Seek Expert Help if Needed
If you are filing for the first time, consider taking help from a chartered accountant or tax consultant. Though it involves some cost, it can save you from larger financial losses caused by defective returns.
Verify Your Return
The most crucial step is verification. If you do not verify, your return may be considered invalid. Always complete the verification process after submission.
