New Delhi: As the ITR filing deadline approaches, lakhs of taxpayers are in the last leg of completing their returns. This year, the Income Tax Department has offered some relief by extending the due date for Assessment Year 2025-26 to September 15, 2025, instead of the usual July 31.
ITR: Documents you need before filing
Before filing your return, make sure you have these ready — Form 16 from your employer, Form 26AS, Annual Information Statement (AIS), PAN and Aadhaar, bank details, investment proofs, and receipts for home loan interest or insurance payments. (Also Read: Tier-2 Cities To Contribute 35% Of India’s Advanced Engineers By 2028: Report)
Which ITR Form Should You File?
Picking the correct ITR form is important to avoid mistakes while filing. Here’s a quick guide:
ITR 1 (Sahaj): For salaried individuals with income below ₹50 lakh, one house property, and simple income sources.
ITR 2: For those with capital gains or more than one house property, but no business income.
ITR 3: For individuals earning from business or profession, including freelancers and self-employed.
ITR 4 (Sugam): For small businesses or professions opting for presumptive income up to Rs 50 lakh.
ITR 5: For firms, LLPs, AOPs, BOIs, societies, and certain legal entities.
Verify Your Income Details
Carefully review Form 26AS and AIS to ensure all your income — salary, interest, and other earnings — is correctly reflected before filing your return. (Also Read: Govt Giving Mudra Loan Of Rs 3 Lakh On Payment Of Rs 36,500 As Legal Insurance Charges? Check Truth Behind The Viral Post)
Pick the Right Tax Regime
– Old Regime: Lets you claim multiple deductions like 80C, 80D, home loan interest, NPS contributions, donations, and education loan interest.
– New Regime: Offers lower tax rates but with fewer deductions. Some relief is available on housing loan interest and employer’s NPS contributions.
Update Your Bank Details
Make sure your bank account number and IFSC code are correctly updated on the e-filing portal so that your tax refund reaches you without any delay.
How to File Your ITR
– Collect documents: Gather Form 16, bank statements, and other proofs.
– Check income records: Download Form 26AS and AIS, then match them with your details.
– Pick the right ITR form: Choose the form that fits your income type.
– Enter income & deductions: Fill in details carefully to avoid errors.
– Submit on the e-filing portal: Upload and file your return online.
– Complete e-verification (within 30 days): Verify using Aadhaar OTP, EVC, net banking, or by posting a signed copy of ITR-V to the Income Tax Department.
Late Filing? Here’s the Penalty
If you miss the September 15 deadline, you can still file a belated return, but a penalty applies. Taxpayers earning over Rs 5 lakh may have to pay up to ₹5,000, while those earning less than Rs 5 lakh face a maximum fine of Rs 1,000.
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