If you have not yet filed your Income Tax Return (ITR) and are hoping that the deadline of September 15 will increase, then be alert. No extension has been received so far and if you do not file returns till the scheduled time, you may have to suffer the penalty of late filing. Under Section 234F, if your annual income is more than ₹ 5 lakhs, late returns will be fined up to ₹ 5,000. At the same time, a penalty of ₹ 1,000 will have to be given even if the income is less than ₹ 5 lakh. Not only this, filing the Belated Return also increases the possibility of delay in refund, loss of interest, and audit. If you continuously delay, there may be difficulty in achieving loans, visas, and other financial facilities in the future. The last date for Belated Return is 31 December 2025, but it would be better to keep the ITR in time to keep the profile strong.

Reporting of interest and TDS found in Oint Account is often named after the first account holder, which can also give an income tax notice to the second holder. This happens when the FD or deposit is from the earnings of another member, but reporting is in the name of the wrong person. Therefore, it is very important to check the AIS i.e. Annual Information Statement carefully. If an entry does not match your earnings, then mark it ‘Not Entrely Correct’ through feedback. This provides correct information to the tax department and unnecessary notice can be avoided.

Even though many online gaming apps have been banned, if you have earned any money from Real Money Gaming Apps like Dream11, Rummy, Pokerbaazi, then it is now mandatory to fill income tax return (ITR). According to the Income Tax Rule 12BA, if you have more than ₹ 25,000 TDS or TCS chopped over you throughout the year, then you need to fill ITR. Such earnings under section 115bbj levy a flat tax of 30%. There is no discount here and it is also not possible to save tax by showing losses. ITR has a separate column for gaming income and negative value is not accepted. If your total income is less than ₹ 2.5 lakh, but has earned from gaming, it is necessary to file ITR. If you do not do, you may have to face notice or litigation under section 276cc.