Introduction
Filing your Income Tax Return (ITR) is not just a legal requirement but also a way to claim refunds, carry forward losses, and maintain a strong financial record. With Income Tax Filing for FY 2024-25 (AY 2025-26) already in focus, taxpayers must understand the ITR process, new rules, due dates, and common mistakes to avoid penalties.
This comprehensive guide explains who needs to file, which ITR form applies, deductions, online filing process, penalties, and latest tax updates for 2025.
Who Needs to File ITR in FY 2024-25?
As per the Income Tax Department of India, you must file ITR if:
- Your total income exceeds the basic exemption limit (₹2.5 lakh for individuals below 60 years, ₹3 lakh for senior citizens, and ₹5 lakh for super senior citizens).
- You want to claim a tax refund.
- You are an NRI earning taxable income in India.
- You own foreign assets or earn foreign income.
- You deposited ₹1 crore or more in a current account, incurred foreign travel expenses over ₹2 lakh, or paid electricity bills above ₹1 lakh in a year.
Types of ITR Forms for AY 2025-26
Different taxpayers must file different ITR forms:
- ITR-1 (Sahaj): Salaried individuals with income up to ₹50 lakh.
- ITR-2: Individuals & HUFs with capital gains, multiple house properties, or foreign income.
- ITR-3: Individuals earning from business or profession.
- ITR-4 (Sugam): Presumptive taxation scheme under Sections 44AD/44ADA/44AE.
- ITR-5/6/7: For firms, companies, and trusts.
For official details, visit the ITR Form Guidelines – Income Tax India.
Income Tax Slabs for FY 2024-25 (AY 2025-26)
Under New Regime (Default from April 2025)
- ₹0 – ₹3 lakh: Nil
- ₹3 – ₹7 lakh: 5% (Rebate u/s 87A available up to ₹7 lakh)
- ₹7 – ₹10 lakh: 10%
- ₹10 – ₹12 lakh: 15%
- ₹12 – ₹15 lakh: 20%
- Above ₹15 lakh: 30%
Under Old Regime
- ₹0 – ₹2.5 lakh: Nil
- ₹2.5 – ₹5 lakh: 5%
- ₹5 – ₹10 lakh: 20%
- Above ₹10 lakh: 30%
You can choose between old regime (with deductions) and new regime (with lower rates, fewer deductions).
Step-by-Step Process to File ITR Online
- Collect Documents
- Form 16 from employer
- Form 26AS from TRACES portal
- Annual Information Statement (AIS)
- PAN, Aadhaar, bank account details
- Investment proofs (ELSS, LIC, PPF, NPS, home loan, etc.)
- Login to e-Filing Portal
- Visit Income Tax e-Filing Portal.
- Use PAN/Aadhaar as user ID.
- Select the Correct ITR Form
- Choose based on your income sources.
- Fill in Income & Deduction Details
- Verify pre-filled data (salary, TDS, etc.).
- Claim deductions under Sections 80C, 80D, 80G, 80E, etc.
- Verify Tax Liability & Pay Dues (if any)
- Submit ITR
- E-verify using Aadhaar OTP, Net Banking, or Bank Account EVC.
Deductions & Tax-Saving Investments
- Section 80C (₹1.5 lakh): PPF, ELSS, LIC, Home Loan Principal.
- Section 80D: Health insurance premium.
- Section 80E: Education loan interest.
- Section 80G: Donations.
- Section 24(b): Home loan interest up to ₹2 lakh.
- NPS (80CCD(1B)): Additional ₹50,000.
For more details, see CBDT Circulars on Deductions.
Due Dates for ITR Filing (AY 2025-26)
- 31st July 2025 → Individual taxpayers not requiring audit.
- 31st October 2025 → Businesses requiring audit.
- 30th November 2025 → Transfer pricing cases.
Late filing leads to penalty u/s 234F (₹1,000 – ₹5,000).
Common Mistakes to Avoid
- Selecting wrong ITR form.
- Mismatch between AIS and Form 26AS.
- Not reporting foreign income/assets.
- Missing out on bank interest income.
- Delayed e-verification (must be done within 30 days).
Latest Updates for FY 2024-25
- New Tax Regime is default from April 2025.
- AIS is now more detailed with stock market, mutual fund, and digital asset transactions.
- PAN is mandatory for all financial market transactions (RBI/SEBI guidelines: RBI, SEBI).
- Faster refunds through automated processing.
FAQs on Income Tax Filing 2025
1. Is ITR filing mandatory if my income is below ₹2.5 lakh?
No, but it is advisable if you want to claim refunds or maintain records.
2. Which ITR form should salaried individuals use?
Usually ITR-1, but if capital gains exist, ITR-2 applies.
3. Can I revise my ITR?
Yes, you can revise it before 31st December 2025 for AY 2025-26.
4. How can I check my refund status?
Log in to the Income Tax Portal and track under “Refund Status.”
Conclusion
Filing your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26) is easier than ever with online systems, pre-filled forms, and faster refunds. Ensure you select the right ITR form, file before the due date, and claim all eligible deductions to minimize taxes.
✅ Stay updated with official sources like the Income Tax e-Filing Portal and reputed financial news outlets like Economic Times and LiveMint.
💡 Pro Tip: Start tax planning early in the financial year to maximize savings and avoid last-minute stress.
