Tax season can feel daunting, but the Income Tax Department’s pre-filled ITR forms are designed to make things easier. While they certainly streamline the process by pulling data from various sources, it’s crucial to remember they’re not always perfect. The deadline for filing your Income Tax Return for FY 2024-25 has been extended to September 15, 2025, but it’s always best to file sooner to avoid last-minute issues.
What’s Included in Your Pre-filled ITR?
These forms typically include a good chunk of your financial picture:
- Personal details: Your name, PAN, Aadhaar, address, and contact info.
- Salary income: Based on the Form 16 submitted by your employer.
- Bank interest: Drawn from Form 26AS and Annual Information Statement (AIS) data.
- Dividend income: If reported by companies or mutual funds.
- Capital gains: From the sale of shares or mutual funds, if reported by your brokers.
- Tax deductions: Like those under Section 80C and 80D, if declared previously.
- TDS/TCS details: From Form 26AS.
- Advance/self-assessment tax paid.
- Bank account details: For refunds or payments.
While this pre-filled information is a great starting point, always cross-reference it with your own documents—like Form 16, AIS, Form 26AS, and broker statements—to ensure accuracy.
Common Errors and Gaps to Watch Out For
Despite the convenience, pre-filled forms can have omissions or inaccuracies. Here’s what you absolutely must double-check:
- Underreported or Missing Income:
- Dividend income or capital gains might be underreported or entirely missing. Always verify with your statements.
- Interest from fixed deposits and even savings accounts is frequently overlooked. While banks might deduct TDS on FD interest, the entire interest amount is taxable and must be declared.
- Missing or Incorrect Deductions:
- Deductions under sections like 80C, 80D, etc., may not be fully pre-filled. This includes common deductions for investments like PPF or ELSS, life insurance premiums, home loan principal, and health insurance premiums. You’ll need to manually add these based on your proofs.
- Job Switchers’ Woes:
- If you’ve worked for multiple employers in a financial year, the pre-filled Form 16 might not be complete. You’ll need to consolidate income and TDS details from all your Form 16s to ensure your total salary and tax deductions are correct.
- Discrepancies with Form 26AS and AIS:
- Always compare the TDS details in your pre-filled ITR with your Form 26AS to ensure all tax credits are accurately reflected.
- The Annual Information Statement (AIS) offers an even more comprehensive view of your financial transactions. Make sure the information in your pre-filled form aligns with both your Form 26AS and AIS to avoid missing any income.
What to Do if You Find an Error
- Before Submission: If you spot an error before submitting, simply edit the pre-filled fields with the correct information.
- After Submission (but not processed): If you’ve submitted your ITR but it hasn’t been processed yet, you can file a revised return under Section 139(5). This lets you correct mistakes like missed deductions or incorrect income details.
- After Submission (and processed): If your ITR has been processed and you’ve received an intimation, you can raise a rectification request on the e-filing portal for “mistakes apparent from record” or processing errors by the department.
- Updated Return (ITR-U): If you discover significant omissions after the revised return deadline, you can file an Updated Return under Section 139(8A) within 24 months from the end of the relevant assessment year. Be aware that this comes with additional tax liability (25% or 50% of the outstanding tax and interest).
In essence, pre-filled ITR forms are a fantastic convenience, but they don’t absolve you of the responsibility to ensure accuracy. Think of them as a helpful draft, not the final document. Always cross-verify with your own records to ensure a smooth and error-free tax filing experience!