Important Information on Filing Income Tax Returns for AY 2025-26
With the financial year 2024-25 about to end, the filing of income tax returns (ITRs) for the Assessment Year 2025-26 will start from April 1. Like previous years, taxpayers can file their tax returns online and offline both. The Income Tax Department every year enables new forms, updates existing ones, and launches Excel utilities to help taxpayers file their income tax returns in a smooth and hassle-free manner.
Why is it important to file ITR?
Filing ITR is not only a legal responsibility but also important for taxpayers’ financial health. It keeps a record of one’s income and tax payments and helps in taking loans, applying for visas, or other financial transactions in the future.
Types of ITR Forms – Which one is right for you?
ITR-1 (Sahaj) – For small taxpayers
Who can fill it?
- Only resident individuals whose total income is up to Rs 50 lakh.
- Salaried individuals, pensioners, and those whose income is from only one house.
- Individuals with income from interest or other small sources.
Who cannot fill it?
- Those whose income includes capital gains.
- People earning from business.
- Those who have foreign assets.
ITR-2 – For those with high income and capital gains
Who can fill it?
- Individuals whose income is more than Rs 50 lakh.
- Those receiving income from salary, more than one property, capital gains, foreign assets, or agricultural income (more than Rs 5,000).
ITR-3 – For business and professionals
Who can fill it?
- People who earn from business or profession (like doctors, lawyers, freelancers).
- Those who have capital gains from stock market or other investments.
ITR-4 (Sugam) – For small businessmen
Who can fill it?
- People who come under presumptive taxation.
- Those whose total income is up to Rs 50 lakh.
- Small businessmen and professionals like shopkeepers, cab drivers, plumbers, electricians, etc.
Who cannot fill it?
- Those who have income from foreign assets.
- Whose income comes under any special exemption section.
ITR-5 – For partnership firms and trusts
- Partnership firms, LLPs, societies, and trusts fill it.
ITR-6 – For companies
- All companies (who are not claiming exemption under section 11).
ITR-7 – For charitable trusts, political parties, and institutions
- Religious institutions, political parties, research institutes, etc. fill it.
Last dates for filing ITR (AY 2025-26)
- Individuals and firms (who do not require audit) – 31 July 2025
- Businesses (who require audit) – 15 October 2025
- Businesses that require transfer pricing report – 30 November 2025
How to file ITR online?
Nowadays, filing ITR online has become very easy. Follow these steps:
- Step 1: Login
- Go to the e-Filing portal.
- Login by entering PAN/Aadhaar and password.
- Step 2: Click on ‘File Income Tax Return’
- Go to the ‘e-File’ section and select ‘File Income Tax Return’.
- Select Assessment Year 2025-26.
- Step 3: Choose the right ITR form
- Choose the right ITR form based on your source of income.
- Automatic suggestions are also available on the portal.
- Step 4: Fill in the required information
- Enter personal information, source of income, tax deductions, and exemptions.
- Check the auto-fill data from Form 26AS and AIS (Annual Information Statement).
- Step 5: Verify tax calculation
- Check whether you have to pay additional tax or get a refund.
- Step 6: Submit and verify ITR
- After filing ITR, do e-verification.
- Use Aadhaar OTP, net banking, or digital signature for e-verification.
- Step 7: Download ITR-V
- Download ITR-V (Acknowledgment) and save it for future.
Summing up:
So, if you belong to the salaried class, own a business, or do freelance work, filing ITR is mandatory for you. It is not just a process of paying tax but also an important part of your financial planning. If your income falls under the tax slab, then file ITR on time so that you do not face any problem.