Filing your Income Tax Return (ITR) is a crucial responsibility for every eligible taxpayer in India. The Assessment Year (AY) 2025-26 corresponds to the Financial Year (FY) 2024-25, covering income earned between 1st April 2024 and 31st March 2025.
What is Income Tax Return (ITR)?
An Income Tax Return is a form used to report your annual income, deductions, exemptions, and tax liabilities to the Income Tax Department of India. Filing an ITR is mandatory for individuals and entities whose income exceeds the basic exemption limit or who meet specific conditions.
Who Should File ITR?
You must file an ITR if:
- Your total income exceeds the exemption limit (₹2.5 lakh for individuals below 60 years).
- You want to claim a refund of excess TDS/TCS.
- You have foreign income or assets.
- You’re applying for a visa or loan.
- You’re a company or a firm, irrespective of income.
Key ITR Filing Dates for AY 2025-26
| Category | Due Date |
|---|---|
| Individual / HUF (not audited) | 15 September 2025 |
| Businesses requiring audit | 31st October 2025 |
| Transfer Pricing Cases | 30th November 2025 |
Documents Required
To file your ITR, keep the following documents ready:
- PAN Card & Aadhaar Card
- Form 16 (for salaried individuals)
- Form 26AS / AIS / TIS
- Bank statements & interest certificates
- Investment proofs for deductions (80C, 80D, etc.)
- Capital gains statements (if any)
- Business/professional income details
Types of ITR Forms
| Form | Applicability |
|---|---|
| ITR-1 (Sahaj) | Salaried individuals with income up to ₹50 lakh |
| ITR-2 | Individuals with capital gains or foreign assets |
| ITR-3 | Professionals or business owners |
| ITR-4 (Sugam) | Presumptive income scheme users |
Benefits of Filing ITR
- Claim tax refunds
- Maintain income proof
- Easy loan & visa processing
- Avoid penalties & legal action
- Carry forward losses for future adjustment
Penalty for Late Filing
Filing your ITR after the due date can attract a late fee of up to ₹5,000 under Section 234F, along with interest on tax due.
Final Tips
- File early to avoid last-minute hassles.
- Verify your return using Aadhaar OTP, net banking, or EVC.
- Keep a copy of your acknowledgment (ITR-V) for future reference.
Need help filing your ITR? Contact us for professional assistance and get your return filed accurately and on time!