The time to file your Income Tax Return (ITR) for the financial year 2024–25 is here, and this year, there's some good news: the government has extended the due date. But don’t let the deadline fool you — the earlier you file, the better.

If you’re unsure about which form to use, which tax regime applies to you, or what documents you need — this guide will help you understand everything you need to know.

What’s New This Year?

The Central Board of Direct Taxes (CBDT) has extended the due date for filing ITR for non-audit cases from 31st July 2025 to 15th September 2025.

However, if you have any pending tax to pay, it must be paid by 31st July 2025 to avoid interest under Section 234A.

Key ITR Deadlines for A.Y. 2025–26

• Individuals (non-audit cases): 15 September 2025
• Audit cases (under Section 44AB): 31 October 2025
• Transfer Pricing cases: 30 November 2025
• Revised/Belated Return: 31 December 2025

Which ITR Form Should You Use?

• ITR-1 (Sahaj): For salaried individuals with income up to ?50 lakh
• ITR-2: For individuals/HUFs with income from capital gains, multiple properties, or foreign assets
• ITR-3: For individuals/HUFs with business or professional income
• ITR-4 (Sugam): For those under presumptive taxation (44AD, 44ADA, 44AE)
• ITR-5: For firms, LLPs, AOPs, BOIs
• ITR-6: For companies (other than those claiming exemption under Section 11)
• ITR-7: For trusts, political parties, etc.

New vs. Old Tax Regime: What’s the Difference?

New Regime (default option):

• 0–3 lakh: Nil
• 3–6 lakh: 5%
• 6–9 lakh: 10%
• 9–12 lakh: 15%
• 12–15 lakh: 20%
• 15 lakh and above: 30%

Note: Rebate under Section 87A makes income up to ?7 lakh tax-free.

Old Regime:

• 0–2.5 lakh: Nil
• 2.5–5 lakh: 5%
• 5–10 lakh: 20%
• 10 lakh and above: 30%

Old regime allows deductions under 80C, 80D, HRA, LTA, etc.

Who Needs to File ITR?

You must file ITR if any of the following apply:

• Your gross total income exceeds:
• 2.5 lakh (under age 60)
• 3 lakh (age 60–80)
• 5 lakh (age 80+)
• You want to claim a refund of TDS
• You earned income from freelancing, business, or profession
• You have foreign income or assets
• You want to carry forward capital or business losses
• You deposited 1 crore+ in a bank account
• You spent:
• 2 lakh+ on foreign travel
• 1 lakh+ on electricity

Documents You’ll Need

• PAN and Aadhaar card
• Form 16 from employer
• Salary slips (if Form 16 not available)
• Form 26AS and AIS from income tax portal
• Investment proofs (for deductions under old regime)
• Capital gains report (if applicable)
• Bank account details
• Business/profession income summary (if applicable)

Presumptive Taxation (44AD & 44ADA)

• Section 44AD: Small businesses can declare 6% (digital) or 8% (cash) of turnover as income
• Section 44ADA: Professionals can declare 50% of gross receipts

These schemes reduce compliance — no books or audit needed if opted properly.

How to File ITR Online

1. Visit: https://www.incometax.gov.in
2. Log in using your PAN or Aadhaar
3. Go to: e-File > Income Tax Return > File ITR
4. Select Assessment Year: 2025–26
5. Choose correct ITR form
6. Enter your income, deductions, and taxes paid
7. Submit and verify

E-Verification Methods:

• Aadhaar OTP
• Net banking
• Bank/Demat EVC
• Sending signed ITR-V to CPC, Bengaluru

Refunds: How and When

Refunds are usually processed within 15 to 30 days after e-verification.

Make sure your bank account is pre-validated on the portal.

Track refund status here: https://tin.tin.nsdl.com/oltas/refundstatuslogin.html

Penalty for Late Filing

• Income below 5 lakh: 1,000 late fee
• Income 5 lakh or more: 5,000 late fee
• After 31 December 2025: Return cannot be filed unless under special conditions

Need Help?

Tax filing can be confusing, especially with new rules, multiple forms, and tax regime options. If you're unsure, it’s best to consult a qualified tax professional.

For general guidance or clarification, feel free to get in touch:

Email: advansari359@gmail.com

Visit: https://taxation360.in/pages/consultations.php

Disclaimer: This article is for informational purposes only and does not constitute legal or professional advice.