Filing your Income Tax Return (ITR) for the Assessment Year (AY) 2025-26

Filing your Income Tax Return (ITR) for the Assessment Year (AY) 2025-26 (pertaining to the Financial Year 2024-25) is a critical task for taxpayers in India. Here’s a detailed guide to help you with the process:

Key Dates for ITR Filing
April 1, 2025: Start of ITR filing for AY 2025-26.
July 31, 2025: Due date for individuals (non-audit cases).
October 31, 2025: Due date for taxpayers requiring an audit.
December 31, 2025: Deadline for filing belated or revised returns.
Steps to File ITR
Gather Necessary Documents:

Form 16 (for salaried individuals).
Bank statements and passbooks.
Details of income from other sources (e.g., interest, dividends).
Investment proofs for deductions under Section 80C, 80D, etc.
Form 26AS for tax credit verification.

Choose the Correct ITR Form:

ITR-1: For individuals with income from salary, one house property, and other sources (excluding lottery or racehorses).
ITR-2: For individuals with income from capital gains, more than one house property, or foreign income.
ITR-3: For individuals earning from business or profession.
ITR-4: For presumptive income under Sections 44AD, 44ADA, or 44AE.
File Online:

Visit the Income Tax e-Filing Portal.
Log in using your PAN/Aadhaar.
Fill in the relevant ITR form online or upload a JSON file generated from offline utilities.
Verify the pre-filled details and update them as necessary.
Verify and Submit:

After submission, verify your return through:
Aadhaar OTP.
Net banking.
EVC (Electronic Verification Code).
Sending a signed ITR-V to CPC, Bengaluru.
Key Changes for AY 2025-26
Revised Tax Slabs (if applicable based on Union Budget 2024).
Higher penalties for late filing.
Mandatory Aadhaar-PAN linkage for filing returns.
Penalties for Late Filing
₹5,000 if filed after the due date but before December 31, 2025.
₹10,000 if filed after December 31, 2025.
No penalty for individuals with income below ₹5,00,000, but they still need to file.

Tips for Easy Filing
File early to avoid last-minute glitches.
Use online tax filing platforms for assistance.
Ensure all income sources are disclosed to avoid scrutiny.
Let me know if you need help with specific forms or calculations!