Income Tax, Aug. 20 -- The deadline to file an income tax return (ITR) for FY 2024-25 will expire on 15 September, less than one month from now.

The Income Tax (I-T) Department has released the excel utilities for all the ITR forms from ITR1 to ITR6. It is now incumbent upon taxpayers to file the correct tax return and accurately report their income and assets, while avoiding under-reporting.

There are a number of points which taxpayers need to be careful about.

I. Choosing the right regime: When filing an income tax return (ITR), taxpayers need to use an income tax calculator to find out which tax regime leads to a lower tax rate. Sometimes, they choose the regime they chose last year without realising the impact on their tax outgoing...