ITR Filing: Hello readers! The process of filing Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26) has begun. This year, there are some important changes and special updates regarding the timeline that every taxpayer should be aware of. Let’s dive into the detailed information.
Important Updates & Information:
- Return Filing Commenced: The Income Tax Return filing process for Assessment Year 2025-26 has commenced towards the end of May this year (around May 30, 2025), instead of the usual April start.
- Return Filing Statistics: According to Income Tax Department information, a significant number of returns have been filed within the first few days of commencement. As per user-provided data (likely indicating statistics as of June 4, 2025), approximately 2 lakh (195,750) income tax returns have been filed. This demonstrates taxpayer proactiveness.
- Available Forms: Currently, ITR-1 (Sahaj) and ITR-4 (Sugam) forms have been made available through online filing and Excel utilities. Other forms like ITR-2 and ITR-3 are expected to be available soon.
- Deadline Extension (Most Important): For general taxpayers (whose accounts do not require auditing), the last date for filing income tax returns has been extended from July 31, 2025, to September 15, 2025. This additional time has been provided due to changes in the income tax forms and for system readiness.
- Why this extension? Several changes have been introduced in the ITR forms this year. Additionally, TDS-related information (like Form 26AS and AIS) takes some time to get updated, usually reflecting accurately by mid-June. Considering all these aspects, the deadline has been extended for the convenience of taxpayers.
Why is Timely ITR Filing Important?
- To avoid penalties.
- Benefits in applying for loans or visas.
- To get income tax refunds faster.
- To stay free from legal hassles.
Some Important Advice:
- Be Patient: Experts suggest it’s better not to rush into filing returns until Form 26AS, Annual Information Statement (AIS), and Form 16 (for salaried individuals) are accurately updated. Filing after mid-June reduces the chances of errors.
- Keep Necessary Documents Ready: Keep your PAN card, Aadhaar card, bank account details, Form 16/16A, investment proofs, rent receipts (if applicable), etc., handy.
- Select the Correct Form: Selecting the correct ITR form according to your source of income is crucial.
- Know the New Changes: This year, some new disclosure requirements have been added to the ITR forms, especially if claiming deductions under the old tax regime (like HRA, Section 80C, 80D, etc.). Understand these well.
- Don’t Forget to Verify: After submitting the return, ensure you verify it. Without verification, your return will be considered incomplete.
Conclusion:
Filing income tax returns is the duty of every responsible citizen. Take advantage of the extended deadline and submit your return on time with accurate information. Do not hesitate to seek expert advice if needed.
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