As the financial year 2024-25 nears its end, taxpayers across India must gear up to file their Income Tax Returns (ITR) for the Assessment Year (AY) 2025-26. The ITR filing window opens on April 1, 2025, and returns can be filed online or offline.
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Filing income tax returns is not only a legal obligation but also essential for financial credibility. A filed ITR acts as proof of income and tax payment, often required for loan applications, visas, and other financial processes.
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Which ITR Form Should You Use?
Choosing the correct ITR form is crucial for a smooth filing process. Here’s a breakdown:
✅ ITR-1 (Sahaj)
- For resident individuals with income up to ₹50 lakh
- Applicable for salaried employees, pensioners, or income from one house property
✅ ITR-2
- For individuals with income above ₹50 lakh
- Includes agricultural income over ₹5,000 or capital gains, and multiple income sources
✅ ITR-3
- Meant for business owners and professionals (doctors, lawyers, freelancers)
- Also applies to capital gains earners, especially from the stock market
✅ ITR-4 (Sugam)
- For small business owners and professionals under presumptive taxation
- Income should be up to ₹50 lakh
- Suitable for shopkeepers, drivers, electricians, and other self-employed individuals
✅ ITR-5
- For partnership firms, LLPs, societies, and trusts
✅ ITR-6
- For companies not claiming exemptions under Section 11
✅ ITR-7
- For charitable trusts, religious institutions, political parties, and research bodies
Key ITR Filing Deadlines
- July 31, 2025 – Individuals and firms not requiring an audit
- October 15, 2025 – Businesses requiring audit
- November 30, 2025 – Businesses that need to submit transfer pricing reports
How to File Your ITR Online
Follow these five simple steps:
- Visit incometax.gov.in and log in with PAN, Aadhaar, or User ID.
- Select the correct ITR form based on your income source (e.g., ITR-1 for salary, ITR-3 for business).
- Enter details from Form 16, salary slips, rent receipts, investment proofs, etc.
- Pay any tax dues and submit your return.
- Verify your ITR using Aadhaar OTP, Net Banking, or EVC to complete the process.
Timely filing ensures faster processing of refunds and avoids penalties. Start preparing your documents now to ensure a smooth tax filing season.