By Sheetal Kumari | March 3, 2025

Moneycontrol PF Team| Aug 21, 2025

ITR 2025: 4 Mistakes Salaried Taxpayers Must Avoid Before Sept 15 Deadline

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Salaried taxpayers must file ITR for FY 2024-25 by September 15, 2025.

ITR Deadline Nears

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Use an income tax calculator to decide between old vs new regime for lower tax.

Point 1: Choose Right Regime

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If deductions < ₹4 lakh, new tax regime may save more tax — even refunds.

Old vs New Regime Trap

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Don’t calculate LTCG at 10% — new rate of 12.5% applies since July 23, 2024.

Point 2: Report Income Correctly

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Foreign ESOPs must be reported in ‘Foreign Assets’ schedule, not just salary.

Point 3: Foreign Assets Must Be Declared

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Owning foreign assets? File ITR-2, not ITR-1 — compliance is mandatory.

ITR Form for Foreign Assets

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Many skip asset-liability schedules — a red flag for tax authorities.

Common Non-Reporting Errors

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Disclose unlisted shares, securities & directorships in the correct ITR form.

Point 4: Reveal All Investments

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Directors must file ITR-4; using ITR-1/2 incorrectly may lead to notices.

Using Wrong Form Can Cost You

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Pick right regime, report income/assets honestly, choose correct form, file by deadline.

Key Takeaway for Salaried Filers

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Next: Festive Rush & 60-Day Rule: When to Book Train Tickets for 2025 Travel

Thanks For Reading !