Filing your Income Tax Return (ITR) is more than a legal formality—it’s a vital annual task for every eligible taxpayer in India. Timely filing not only ensures compliance with the law but also helps you avoid penalties, interest charges, and scrutiny from the Income Tax Department. Moreover, a properly filed ITR is essential when applying for loans, credit cards, or visas.
Whether you’re a salaried employee, a self-employed professional, or a business owner, staying updated with the latest ITR filing deadlines and eligibility norms is critical.
Filing your ITR offers several benefits:
Legal Compliance: Mandatory if your income exceeds the exemption limit.
Avoid Penalties: Late filing attracts fees under Section 234F.
Financial Documentation: A valid ITR is often required when applying for loans or visas.
Claim Tax Refunds: Only filed ITRs are eligible for refunds of excess taxes paid.
Carry Forward Losses: Business and capital losses can only be carried forward if the ITR is filed on time.
For the Financial Year 2024–25 (Assessment Year 2025–26), individuals and entities must file an ITR if their gross total income exceeds the basic exemption limit. The current thresholds under the new tax regime are:
| Category | Exemption Limit |
|---|---|
| Individuals (below 60 yrs) | ₹3,00,000 |
| Senior Citizens (60–79 yrs) | ₹3,00,000 |
| Super Senior Citizens (80+) | ₹5,00,000 |
In the Union Budget 2025–26, the government announced zero tax on income up to ₹12 lakh under the new tax regime, thanks to an enhanced rebate under Section 87A. However, even if your income is below this threshold and no tax is payable, filing your ITR is still mandatory to claim the rebate.
Here are the key ITR deadlines you need to mark on your calendar:
| Category of Taxpayer | Last Date to File |
|---|---|
| Individual (Salaried, Freelancers, Non-Audit Cases) | July 31, 2025 |
| Businesses Requiring Tax Audit | October 31, 2025 |
| – Turnover exceeding ₹1 crore (₹10 crore for digital businesses) | |
| Transfer Pricing Cases | November 30, 2025 |
| – International or specified domestic transactions | |
| Belated/Revised Returns | December 31, 2025 |
To file your ITR smoothly and accurately, keep the following documents handy:
PAN and Aadhaar Card
Form 16 (for salaried individuals)
Bank account statements
Investment proofs (ELSS, LIC, PPF, etc.)
TDS certificates and Form 26AS
Details of capital gains (if any)
Books of accounts and audit reports (for businesses)
The Income Tax Department’s e-filing portal has made the filing process quick and user-friendly. You can either file the return yourself or seek help from a tax professional, especially if your case involves business income or capital gains.
Filing your Income Tax Return before the deadline is essential for both legal and financial reasons. With enhanced rebates under the new tax regime and simplified filing options, there’s no reason to delay. Start gathering your documents early, mark the deadlines, and ensure a smooth and stress-free ITR filing season for FY 2024–25.
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