New Delhi, July 14 -- As the deadline to file Income Tax Returns (ITR) for the financial year (FY) 2024-25 draws closer, many taxpayers, especially salaried individuals, freelancers, and small business owners, continue to fall prey to common myths that can lead to penalties, refund delays, or even scrutiny by the tax department.

Here is a fundamental breakdown of the most common doubts and misconceptions backed by specific sections of the Income Tax Act, 1961.

This is an extremely prevalent misconception. Under Section 139(1) filing of income tax return is mandatory if your total gross income before any deductions exceeds the basic exemption limit, Rs.2.5 lakh for individuals below 60 years, Rs.3 lakhs for senior citizens (60 to 80 year...