Filing your Income Tax Return (ITR) is a crucial financial responsibility for every eligible individual and business. The return helps you declare your income, claim deductions, and ensure compliance with the Income Tax laws. For the financial year 2024-25 (assessment year 2025-26), the Income Tax Department has already opened the ITR filing window and taxpayers are advised to complete their filing well before the deadline.
Filing ITR is not only important for those who have taxable income, but also beneficial for loan approvals, visa processing, and claiming refunds. Let’s understand the complete process in a simple way.
Important Dates for ITR Filing FY 2024-25 (AY 2025-26)
| Event | Date |
|---|---|
| Start of ITR filing | 1 April 2025 |
| Last date to file ITR without late fee (non-audit cases) | 31 July 2025 |
| Last date to file ITR for audit cases | 31 October 2025 |
| Last date to revise or belated return | 31 December 2025 |
| Start of income tax refund processing | Within 20–45 days of successful filing |
| Start of TDS Form 16 issuance by employers | By 15 June 2025 |
Who Should File ITR?
You must file ITR if:
- Your gross total income exceeds the basic exemption limit (₹2.5 lakh for individuals below 60 years, ₹3 lakh for senior citizens, and ₹5 lakh for super senior citizens).
- You want to claim a tax refund.
- You have foreign income or foreign assets.
- You are a company or firm, regardless of profit or loss.
- You had a TDS deduction, or received income from multiple sources like salary, capital gains, rent, or dividends.
How to File ITR Online: Step-by-Step Process
Step 1: Collect Documents
Keep all necessary documents ready, such as:
- PAN and Aadhaar Card
- Form 16 from your employer
- Form 26AS and AIS/TIS from the income tax portal
- Bank interest certificates
- Proof of tax-saving investments
- Rent receipts or HRA documents
- Capital gain statements if you sold shares or property
Step 2: Choose the Correct ITR Form
Select the appropriate ITR form based on your income type:
- ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh
- ITR-2: For individuals with capital gains, multiple properties, or foreign assets
- ITR-3: For professionals or business income
- ITR-4 (Sugam): For presumptive income taxpayers (businesses under section 44AD/44ADA)
Step 3: Log in to the Income Tax Portal
Visit incometax.gov.in, click on ‘Login’, and enter your PAN and password.
Step 4: Choose ‘File Income Tax Return’
Select the correct assessment year (2025–26), and then choose the filing mode (online/offline).
Step 5: Pre-fill and Cross-check Information
The portal will fetch pre-filled details like salary, TDS, and interest income. Double-check with Form 16 and bank statements.
Step 6: Declare Deductions and Exemptions
Declare your investments and deductions under sections like:
- Section 80C (LIC, PPF, ELSS, etc.)
- Section 80D (Health insurance)
- Section 24(b) (Home loan interest)
- Section 80TTA (Savings interest)
Step 7: Compute Tax and Pay Balance Tax (if any)
Once all details are filled, the system will compute your final tax liability. Pay the balance tax if payable.
Step 8: Preview and Submit Return
Review the entire ITR summary and click on ‘Submit’. Once submitted, the ITR is considered filed.
Step 9: Verify Your Return
After submission, you must e-verify the return within 30 days through one of the following methods:
- Aadhaar OTP
- Net banking
- Bank ATM
- EVC through bank account or demat
Without verification, your ITR will not be processed.
Benefits of Filing ITR
- Avoid penalties for non-compliance
- Carry forward losses for future set-off
- Easier loan and visa approvals
- Eligibility for refunds if excess tax is deducted
- Acts as legal income proof
What Happens If You Miss the Deadline?
If you fail to file ITR by 31 July 2025, you can still file a belated return till 31 December 2025, but with a late fee:
- ₹1,000 if total income is below ₹5 lakh
- ₹5,000 if income exceeds ₹5 lakh
Also, you may not be able to carry forward losses and will face interest on unpaid tax.
Pro Tip for Quick Filing
Salaried individuals with no complex income can use the pre-filled ITR form for fast filing. Always download and cross-check Form 26AS and AIS to ensure accuracy before submission.