New Delhi, July 2025:
The term “Income Tax Return” (ITR) is being searched the most these days nationwide. As the last date for filing income tax returns is approaching, people are increasingly busy filling online forms. But did you know that not filling ITR on time can also cause many disadvantages? And if you have filed the return, will your refund come on time?
Why is ITR necessary
Income Tax Return (ITR) is a document that outlines how much you earned and how much tax you paid on a year. This is not just a legal responsibility, but also a must for things like future financial planning, loan applications, and visa processes.
ITR filing advantages:
- Opportunity to get refund (if tax is deducted more)
- Ease of taking bank loan
- Help in visa processing
- Necessary for future capital gains, business loans or government tenders**
- Indication of transparency and legal safety
Loss for not filling ITR on time:
- ₹1,000 to ₹5,000 fine
- Delay in tax refund
- You may have to pay interest
- The facility to carry forward old losses (losses) is abolished
- Monitoring of IT department may increase
ITR last date to file:
The current deadline is 31 July 2025. However, some experts believe that the deadline may also increase, as a lot of people are filing returns in the last days and the load on the system is increasing.
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Why are refunds getting delayed?
According to the report of Deccan Herald, the Income Tax Department has received a large number of returns this time. The verification process of returns is taking more time, due to which refunds are getting delayed. Also if there is any error or mismatch in the return, refund and delay may occur.
Why is “Income Tax Return” in trend?
According to Google Trends, in the last 24 hours “Income Tax Return” has been the most trending word in India. The main reason for this is the deadline coming closer and news related to it on social media and news channels.
Suggestion for taxpayers:
- Fill all the documents correctly while filing ITR
- Fill the form as soon as possible, do not wait for the last day
- Don’t forget to do e-verification
- If a mistake has been made then revised returns can be filed
It is the responsibility of every taxpayer to file Income Tax Return. Filing returns on time not only saves you from legal trouble but is also a financially profitable deal. If you haven’t filled ITR yet, hurry up – because work done in time is always better.
