Filing income tax returns (ITR) is a crucial responsibility for both salaried individuals and businesses. With new tax regulations and evolving compliance requirements, it’s essential to stay updated to avoid penalties and optimize tax savings. This guide covers everything you need to know for filing your income tax return for FY 2024-25.
1. Key Deadlines for ITR Filing (FY 2024-25)
- Individuals & HUFs (Not under Tax Audit): 31st July 2025
- Businesses Requiring Tax Audit: 31st October 2025
- Businesses under Transfer Pricing Audit: 30th November 2025
2. Latest Changes in Income Tax for FY 2024-25
- New vs. Old Tax Regime: The government continues to promote the new tax regime with lower tax rates but fewer exemptions. Choose the one that suits you best.
- Higher TDS/TCS Scrutiny: Increased tracking on high-value transactions to curb tax evasion.
- Pre-filled ITR Forms: Salaried taxpayers will get auto-filled details in their ITRs based on Form 16 and AIS (Annual Information Statement).
3. ITR Forms & Their Applicability
- ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh.
- ITR-2: For individuals with capital gains or income from more than one house property.
- ITR-3: For individuals and HUFs with business income or professional earnings.
- ITR-4 (Sugam): For individuals opting for presumptive taxation (business income up to ₹2 crore or professional income up to ₹50 lakh).
- ITR-5, 6 & 7: For firms, LLPs, and companies.
4. How to File Your ITR Online
- Collect Necessary Documents: Form 16 (salaried individuals), Form 26AS, bank statements, investment proofs, and capital gains reports.
- Login to the Income Tax e-Filing Portal: Visit https://www.incometax.gov.in and select the relevant ITR form.
- Pre-fill Your Details: Verify income details from Form 16, AIS, and bank interest statements.
- Claim Deductions & Exemptions: Ensure you claim Section 80C (LIC, PPF, EPF, etc.), 80D (Health Insurance), and HRA benefits.
- Verify Tax Liability: Cross-check tax calculations and pay any remaining tax before submission.
- E-Verify ITR: Use Aadhaar OTP, net banking, or offline verification via ITR-V form.
5. Common Mistakes to Avoid While Filing ITR
- Selecting the Wrong ITR Form – This can lead to processing delays or rejection.
- Not Reconciling Form 26AS & AIS – Mismatched income data may lead to notices.
- Missing Deductions – Ensure you claim all eligible tax-saving investments.
- Ignoring Advance Tax Payments – Businesses and professionals should pay advance tax to avoid penalties.
- Failing to Verify ITR – An unverified ITR is considered invalid.
6. What Happens If You Miss the ITR Deadline?
- Late Filing Penalty: Up to ₹5,000 under Section 234F.
- Loss of Carry Forward Benefits: Business losses and capital losses cannot be carried forward if the ITR is filed late.
- Interest on Tax Due: Additional interest under Sections 234A, 234B, and 234C for unpaid taxes.
7. Conclusion
Filing your ITR on time ensures hassle-free compliance and helps you avoid penalties. With auto-filled returns, updated tax slabs, and improved e-filing mechanisms, tax filing in 2025 is easier than ever. Stay compliant, maximize deductions, and choose the right tax regime to minimize liabilities.
Need professional assistance with your ITR filing? Contact Ankush Aggarwal and Associates for expert tax consultation!
