Outlook Business Desk
The deadline to file your Income Tax Return (ITR) for the Financial Year 2024–25 (Assessment Year 2025–26) has been extended to 15 September 2025, unless extended further, from the earlier deadline of 31 July 2025. Filing on time helps you avoid late fees and ensures quicker refund processing.
The new regime offers lower rates without deductions, while the old one allows benefits under sections like 80C, 80D, and HRA. Even if not informed earlier, you can still pick the suitable regime while filing.
While filing your return, you must choose between the old and new tax regimes. The new one offers lower tax rates without deductions, while the old regime allows various exemptions. If you didn’t inform your employer, you can still choose now.
The Income Tax Department has notified updated ITR forms for FY 2024–25. Salaried taxpayers can use ITR-1, while those with capital gains, business income or multiple sources must choose from ITR-2, 3, or 4.
Before filing, check your Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) on the income tax portal. These reflect incomes from sources like interest, dividends and stock trades—mismatches may trigger scrutiny or notices later.
Once you file your return, you must verify it within 30 days—either via Aadhaar OTP, net banking, or other digital options. If not verified on time, your return will be treated as invalid and ignored.
If you miss the 15 September deadline, you can still file a belated return by 31 December 2025, but it may cost you up to ₹5,000. Delayed filing also means you can’t carry forward business or capital losses. Filing on time not only speeds up refunds but can also support loan approvals and visa applications.
Although ITR is filed online, keeping all documents ready helps avoid mistakes. Make sure to have Form 16, rent receipts for HRA, interest certificates, capital gains details, and proofs for deductions. Also, report any salary arrears or reimbursements if they apply.
Filing your ITR early makes the process smoother. The closer you get to the 15 September deadline, the more stressful it becomes. Planning ahead saves time, avoids errors and ensures a hassle-free experience.