ITR Filing 2025: Key Dates, Tax Regimes, and Refund Timeline You Need to Know
The Income Tax Department is expected to roll out the forms for Income Tax Return (ITR) filing soon, with the official portal likely to be activated for taxpayers in the coming days. Although official confirmation is awaited, taxpayers can expect the online filing portal to be launched soon, based on previous years' trends.
The Income Tax Department is expected to roll out the forms for Income Tax Return (ITR) filing soon, with the official portal likely to be activated for taxpayers in the coming days. Although official confirmation is awaited, taxpayers can expect the online filing portal to be launched soon, based on previous years’ trends.
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When Will ITR Filing Start for Taxpayers?
The Income Tax Department may begin the ITR filing process shortly. The launch of the online portal for filing income tax returns is expected to happen soon, but no official announcement has been made yet. Historically, the Income Tax Department has begun the portal for ITR filing in April, so taxpayers can anticipate a similar timeline for 2025.Last Date for ITR Filing Without Penalty
Last Date for ITR Filing Without Penalty
For the past few years, the last date for filing ITR without penalty has been July 31. Taxpayers must complete their ITR filing by this date to avoid any late fees. If filing is delayed beyond this, penalties and additional charges may apply. The last date for filing ITR with penalty is typically set for December 31.
It is expected that the last date for filing ITR without a penalty will remain July 31, 2025, consistent with previous years.Income Tax Refund: When Will You Get It?
Income Tax Refund: When Will You Get It?
Typically, after filing the ITR, taxpayers can expect their income tax refund within 7 to 20 days. However, this timeline may vary depending on the processing speed and any issues with the return. Taxpayers should monitor the status of their refund on the official Income Tax website.
Old Tax Regime vs New Tax Regime: Which is Better for You?
Taxpayers are given two options for ITR filing: the old tax regime and the new tax regime. The choice between these two depends on your individual financial situation.
- Old Tax Regime: Offers various tax benefits, including deductions and exemptions. However, the tax-free limit for income under this regime is not as high as the new tax regime.
- New Tax Regime: In this regime, there are fewer deductions and exemptions, but it allows tax-free income up to ₹12.5 lakh. This could be beneficial for those with fewer deductions.
Taxpayers can switch between the old and new tax regimes if needed, and it’s important to evaluate both options based on your personal tax scenario before making a decision.
Taxpayers are advised to stay updated on the official Income Tax Department website for the latest announcements regarding the filing of ITR forms. With the filing season approaching, taxpayers should prepare and file their returns on time to avoid penalties.
