Income Tax Return
A.Y. 2025-26
Filing your Income Tax Return isn't just a responsibility — it's your right. Learn the new rules, exemptions, and deadlines for the upcoming assessment year.
Filing your Income Tax Return (ITR) helps you claim refunds, build financial credibility, and stay compliant with the law. For the Assessment Year 2025–26 (income earned between April 2024 and March 2025), several changes have come into effect, making tax filing both easier and more structured.
Required Documents For ITR filing
- PAN card and Aadhaar card of taxpayers
- Salary Slip and Form 16
- Rent as per rent agreement
- Home loan interest certificate
- Stamp duty payment for property purchase
- School fee amount with receipt
- Health insurance & LIC receipts
- Business name and Business activity
Due Dates for A.Y. 2025-26
For AY 2025–26, the government has extended the filing deadline for most taxpayers:
| Category | Due Date |
|---|---|
| Individual (non-audit) | 15 September 2025 |
| Business/Profession (Audit Required) | 31 October 2025 |
| Entities needing Transfer Pricing Report | 30 November 2025 |
Note: Interest and penalty may apply if you delay tax payments, even if return filing is allowed later.
Why is Timely Filing Important?
- Avoid Penalties and Interest: Delayed filing can attract penalties under Section 234F and interest charges.
- Claim Refunds: If you have paid more tax than required, filing an ITR allows you to claim a refund quickly.
- Carry Forward Losses: Filing your return on time enables you to carry forward business or capital losses.
- Loan Approvals: Financial institutions require proof of ITR filing for loan applications.
- Avoid Tax Scrutiny: Timely filing reduces the chances of your return being selected for scrutiny.
Who Should File?
If your total taxable income exceeds the threshold limit (₹2.5 lakh for individuals below 60 years), you must file. Additionally, freelancers, self-employed individuals, and business owners must file regardless of the amount of income. It is also mandatory if:
- Total deposits in a bank exceed ₹50 lakh in a financial year.
- Foreign travel expenses exceed ₹2 lakh.
- Electricity bill payments exceed ₹1 lakh in a year.
- TDS/TCS exceeds ₹25,000 (₹50,000 for senior citizens).
The Filing Process
- Determine Your Income Sources: Salary, House Property, Business, Capital Gains, and Other Sources.
- Choose the Correct ITR Form:
- ITR-1 (Sahaj): Salary up to ₹50 lakh.
- ITR-2: Capital gains or multiple properties.
- ITR-3: Business/profession income.
- ITR-4 (Sugam): Presumptive taxation. - Collect Documents: Form 16, Form 26AS, AIS, Bank Statements.
- Compute Tax Liability: Deduct any advance tax or TDS already paid.
- File Online: Upload details to the Income Tax portal and E-Verify using Aadhaar OTP.
Common Deductions (Old Regime)
Filing under the old tax regime allows you to reduce your taxable income significantly through Section 80C (up to ₹1.5 lakh via PPF, EPF, ELSS, Life Insurance), Section 80D (Health Insurance up to ₹25k/₹50k), and Section 24(b) (Home Loan Interest up to ₹2 lakh).
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