The Income Tax Act, 1961 governs the filing of Income Tax Returns (ITR) in India. It casts the rules, procedures, and tax slabs applicable to individuals, businesses, and other entities
Who must file ITR?
You must file an income tax return if:
- You want to claim a tax refund due to excess TDS or advance tax.
- You have foreign assets or investments.
- You need an ITR for visa, passport, or loan applications.
- You are a company or firm, regardless of profit or loss.
- You have business turnover exceeding ₹60 lakh or professional income over ₹10 lakh.
- Your TDS/TCS exceeds ₹25,000 (₹50,000 for senior citizens).
Common ITR Forms & Their Applicability
- ITR-1 (SAHAJ): For salaried individuals with income up to ₹50 lakh, one house property, and other sources like interest.
- ITR-2: For individuals and HUFs with income from multiple house properties, capital gains, or foreign assets.
- ITR-3: For individuals and HUFs earning income from business or profession.
- ITR-4 (SUGAM): For individuals, HUFs, and firms opting for presumptive taxation under sections 44AD, 44ADA, and 44AE.
- ITR-5: For partnership firms, LLPs, and associations.
- ITR-6: For companies (except those claiming exemption under Section 11).
- ITR-7: For trusts, political parties, and institutions filing returns under specific sections.
Last Date for ITR Filing
- The deadline for filing ITR for Financial Year 2024-25 (Assessment Year 2025-26) is July 31, 2025 for non-audit taxpayers and Oct 31, 2025 for audit taxpayers.
- If you miss this deadline, you can file a belated return by December 31, 2025, but penalties and interest may apply.
Here’s a checklist of essential documents required for Income Tax Return (ITR) filing in India:
General Documents Required
- PAN Card & Aadhaar Card
- Bank account details
- Form 16 (for salaried individuals)
- Form 26AS (tax credit statement)
- Annual Information Statement (AIS)
- TDS certificates (Form 16A, Form 16B, Form 16C)
- Tax payment challans (if applicable)
Documents Based on Income Type
For Salaried Individuals
- Salary slips
- Provident Fund (PF) contribution details
- Pension certificate (if applicable)
- Rent receipts (for claiming HRA)
- Travel bills (for Leave Travel Allowance)
For Business Owners & Professionals
- Profit & Loss statement
- Balance sheet
- GST returns (if applicable)
- Audit reports (for businesses exceeding turnover limits)
For Capital Gains
- Sale & purchase deeds (for property transactions)
- Mutual fund & stock trading statements
- Investment proofs (for exemptions under Sections 54, 54EC)
For Income from House Property
- Rental income details
- Tenant details (PAN, Aadhaar)
- Municipal tax receipts
- Home loan interest certificate
Tax-Saving Investment Proofs
- PPF, LIC, ELSS, NSC investments
- Health insurance premium receipts
- Education loan interest certificate
- Donations receipts (for deductions under Section 80G)
Filingpool LLP is a well-known tax consultancy firm offering income tax return (ITR) filing services across multiple states in India, including Delhi, Ghaziabad, Noida, Lucknow, Gurugram and beyond. They specialize in affordable and hassle-free tax filing, ensuring compliance with the Income Tax Act, 1961.
To file your Income Tax Return (ITR) in India, here down with the following steps: –
- Determine the Correct ITR Form like ITR-1 for salaried person and ITR-2 for individual having income more than Rs.50 Laksh and so others.
- Collect Necessary Documents like form 16, Bank Statement and other relevant documents.
- Choose the suitable regime either New Tax Regime or Old Tax Regime as stipulated as per the provision defined in the Income Tax Act.
- Process of online filing ITR in India.
Step 1: Visit the Income Tax e-filing portal: Go to the official website: https://www.incometax.gov.in/iec/foportal/
Step 2: Register or Log in: If you are a new user, register on the portal using your PAN. If you already have an account, log in using your User ID (PAN), password, and captcha.
Step 3: Navigate to e-File: After logging in, click on the “e-File” tab and then select “Income Tax Returns” followed by “File Income Tax Return.”
Step 4: Select Assessment Year: Choose the relevant Assessment Year (e.g., for income earned between April 1, 2024, and March 31, 2025, the Assessment Year is 2025-26).
Step 5: Select Filing Type and Status: Choose “Online” as the filing mode and select your “Status” (Individual, HUF, etc.).
Step 6: Select the ITR Form: Choose the appropriate ITR form based on your income sources.
Step 7: Fill in the Details: The online form will guide you through various sections. Some information might be pre-filled. Ensure you fill in all the required details accurately, including your personal information, income details, deductions, and taxes paid.
Step 8: Verify and Validate: After filling in all the information, the portal will allow you to verify and validate the details.
Step 9: Tax Calculation: The system will automatically calculate your tax liability or refund amount based on the information provided.
Step 10: Pay Taxes (if applicable): If there is any tax payable, you can pay it online through various modes provided on the portal.
Step 11: Preview and Submit: Before final submission, preview your return to ensure all details are correct. Then, click on the “Submit” button.
Step 12: e-Verify Your Return: After submitting, you need to e-verify your ITR. You can do this through several methods: Aadhaar OTP
-
- Net Banking
- Digital Signature Certificate (DSC)
- Electronic Verification Code (EVC) generated through your bank account or Demat account.
- Offline verification by sending a signed copy of ITR-V to the Centralized Processing Centre (CPC), Bengaluru (this is a longer process).
Important point to remember before ITR filing
- Due Date: Ensure you file your ITR before the due date to avoid penalties. The usual due date for individuals is July 31st of the assessment year.
- Keep Records: Maintain copies of your filed ITR and all supporting documents for future reference.
- PAN-Aadhaar Linking: It is advisable to link your PAN with your Aadhaar, as an inoperative PAN can cause issues with filing.
- Choose the Correct Tax Regime: Understand the New Tax Regime and the Old Tax Regime and choose the one that benefits you the most. The New Tax Regime is the default regime from AY 2024-25.
- Accuracy: It is must to provide all income details accurately to avoid any assessment in the future.
Benefit to online filing of ITR
- Your filed ITR is a recognized legal document that acts as proof of your income for various purposes.
- Banks and other financial institutions consider your ITR filings when you apply for loans such as home loans, car loans, or personal loans.
- Many countries require you to submit your ITR as part of your visa application.
- If you have paid excess tax, for instance, through Tax Deducted at Source (TDS) or advance tax, you can claim a refund by filing your ITR.
- ITR filing allows for carrying forward losses for future recovery against the profit incurred.
- It is necessary for obtaining government tenders and contracts.
- ITR filing strongly supports to financial planning and record keeping.
- it contributes to national development.
Therefore, to ensure compliance, avail numerous benefits, and contribute to national development, remember to e-file your Income Tax Return for Assessment Year 2025-26 in India through the official portal before the due date of July 31, 2025.
Conclusion
Filing your Income Tax Return (ITR) is not just a legal obligation but also a key step toward financial transparency and planning. Whether you’re a salaried individual, business owner, or investor, choosing the correct ITR form, collecting the right documents, and filing before the July 31, 2025 deadline ensures smooth processing, avoids penalties, and allows you to enjoy tax benefits. Use the government’s e-filing portal for a secure and hassle-free experience. For expert assistance, firms like Filingpool LLP can help you stay compliant and stress-free.
