A Complete Guide to Filing Income Tax Return for AY 2025–26
Filing your Income Tax Return (ITR) is not just a legal obligation — it’s also a smart financial move. Whether you’re a salaried employee, a business owner, or a freelancer, understanding how to file your return for Assessment Year 2025–26 (i.e., income earned during Financial Year 2024–25) is essential.
📅 Important Dates for ITR Filing (AY 2025–26)
| Particular | Due Date |
|---|---|
| ITR Filing Starts | 1st April 2025 |
| Last Date to File Without Late Fee | 31st July 2025 |
| With Audit (for Businesses) | 31st October 2025 |
| Revised Return Filing Last Date | 31st December 2025 |
Who Should File an ITR?
You are required to file ITR if:
- Your annual income exceeds ₹2.5 lakh (below 60 years)
- You want to claim a tax refund
- You have foreign income or assets
- Your income includes capital gains, crypto, or other sources
- You are self-employed or running a business
- TDS has been deducted on your income
- You wish to carry forward losses
📄 Documents Required for Filing ITR
- PAN Card & Aadhaar Card
- Form 16 (from employer)
- Salary Slips
- Bank Account Statement
- TDS Certificates (Form 16A)
- Capital Gains Statements (if any)
- Investment Proofs (80C, 80D, etc.)
- Home/education loan certificates
🧾 Which ITR Form Should You Use?
| ITR Form | Suitable For |
|---|---|
| ITR-1 (Sahaj) | Salaried individuals, 1 house property, income < ₹50 lakh |
| ITR-2 | Capital gains, more than one house property |
| ITR-3 | Business/professional income |
| ITR-4 (Sugam) | Presumptive taxation scheme (44AD, 44ADA) |
Benefits of Filing Income Tax Return
Filing your ITR offers several advantages beyond just tax compliance:
1. ✅ Claim Tax Refunds
If extra TDS was deducted from your salary or bank interest, you can get it back by filing ITR.
2. 📋 Acts as Income Proof
ITR is accepted as official proof of income while applying for loans, credit cards, and visas.
3. 🌐 Mandatory for Foreign Travel & Visa
Embassies of many countries ask for ITRs of the past 2–3 years while processing visas.
4. 🏦 Easy Loan Processing
Banks and NBFCs prefer ITR documents while approving home loans, car loans, or business loans.
5. 💹 Carry Forward Losses
Filing ITR allows you to carry forward capital or business losses for future tax benefit.
6. 🚨 Avoid Penalties
Filing on time saves you from late filing penalty up to ₹5,000.
7. 📊 Track Financial History
A consistent record of ITR helps build your financial credibility.
❗ Penalty for Late Filing
| Income Level | Penalty |
|---|---|
| Income > ₹5 lakh | ₹5,000 |
| Income ≤ ₹5 lakh | ₹1,000 |
How to File ITR Online?
- Visit incometax.gov.in
- Login using your PAN number
- Click on “File Income Tax Return”
- Select the correct ITR form
- Fill in your details, verify data (using Form 26AS & AIS)
- Submit and e-verify via Aadhaar OTP or net banking
✍️ Final Thoughts
Filing your ITR on time is a responsible financial habit. Even if your income is below the taxable limit, you should still consider filing — especially if you’re planning for loans, higher education, or future investments.
