ITR Filing for FY 2024-25: Key guidelines to follow to avoid delayed refunds

1. File the ITR before the deadline:

Although the usual deadline for submitting the ITR is July 31 each financial year, the Income Tax Department has extended the due date for FY 2024-25 to September 15, 2025. Submissions after this date will be considered late, resulting in extra penalties and interest. This delay may also push your refund to the end of the processing queue.

2. Choose the right return form:

Make sure to check your ITR form (ITR-1, ITR-2, ITR-3, or ITR-4) against your sources of income and residency status based on official guidance. Misquoting income or selecting the wrong ITR form can cause scrutiny, delays in refunds, and possible notices from the Income Tax Department.

3. Verify your data:

Cross-check TDS credits with Form 26AS and AIS, confirm that the total tax is paid, especially Advance Tax and TDS/TCS, and lastly, enter correct bank account details, as refunds will be credited only into pre-validated accounts.

4. Choose the correct tax regime:

The default regime is the new tax regime. However, if you want to opt out, select the old regime in your ITR. Taxpayers in business or profession must submit Form 10-IEA by the due date to switch regimes.

5. E-verification of ITR:

One must e-verify their filed return within 30 days using available methods like Aadhaar OTP or net banking. The ITR will not be processed until one completes the verification, which ultimately can delay your refund.

6. Monitor and check ITR acknowledgement:

After e-filing and verifying, check the status regularly on the IT portal. If processing stops, address any issues flagged by the IT Department by providing the necessary document evidence.